contract signing

DSME scores deal for dual-fuel LPG carrier pair

South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for two dual-fuel LPG carriers from compatriot Hyundai LNG Shipping.

Contract signing; Image credit: DSME

The 91,000 cbm ships are expected to be built at DSME’s Okpo yard and delivered to shipowners by the fourth quarter of 2023.

The contract is worth for about KRW 184.5 billion ($ 165.8 million).

The newbuilds will be fitted with engines running on LPG and will feature fuel-saving technology, according to DSME. The said systems are aimed at strengthening the gas carriers’ cost-effectiveness.

DSME said that it had won orders for 5 dual-fuel ships this month, including four dual-fuel very large gas carriers (VLGC) and one very large crude carrier (VLCC).

So far this year, the Korean shipbuilder has won orders for 24 vessels, including 11 VLCCs, 9 VLGC, and 4 container ships, reaching about 28.7% of its target for this year standing at $7.7 billion.

Separately, Hyundai LNG Shipping has secured work for its  174,000-cbm LNG carriers with Petronas.

The three LNG carriers are being built by Hyundai Heavy Industries and are expected to be delivered from the second quarter of 2024 on a staggered basis. The ships will primarily be used to lift cargoes from LNG Canada.

Related Article