Photo: Illustration only (Courtesy of DSME)

DSME nets $1.7 bln LNG carriers order

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has secured two orders for six LNG carriers.

DSME nets $1.7 bln LNG carriers order
Illustration only (Courtesy of DSME)

The company said in a stock exchange filing the two orders are for two European shipowners.

Each contract is worth 1.01 trillion Won ($884.8 million), the filing reads.

The first trio of vessels is due to be delivered before July 31, 2023. The remaining trio will be delivered before the end of December 2023.

With the two deals, the company has secured orders worth $3.3 total for the year so far.

Orders expected to pick up

Southe Korean shipbuilders are expecting the orders for newbuild liquefied natural gas carriers.

Hyundai Heavy group of shipyards and Samsung Heavy are expected to book orders for LNG carriers to serve the Mozambique LNG project, before the end of the year.

Citing a Samsung Securities analyst, Yonhap reports the orders for new LNG vessels are showing signs of recovery in the second half of the year due to the Mozambique project as well as new developments in Russia.