DSME wins order for 4 LNG carriers

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for four liquefied natural gas (LNG) carriers, exceeding its 2021 order target.

Photo: DSME

On 14 September, DSME said it signed a KRW 990 billion ($846 million) shipbuilding contract with an unnamed Asian shipowner.

The units will be built at Okpo Shipyard and delivered to their owner by 31 October 2024.

As informed, the 174,000 cbm LNG carriers will be equipped with a dual-fuel propulsion engine (ME-GA) and a more advanced re-liquefaction system.

“It is an eco-friendly, high-efficiency vessel (type) that can respond to stricter greenhouse gas emission regulations by significantly reducing gas emissions to the atmosphere,” the shipbuilder said.

DSME surpasses annual order target

With the latest deal, DSME has so far this year won orders amounting to $8.04 billion, achieving about 104 percent of its target of $7.7 billion. Doing so, it joined compatriot shipbuilding giant Korea Shipbuilding & Offshore Engineering (KSOE) which also surpassed its annual order target in mid-July.

As explained, this is the first time that the shipbuilder exceeded its order target since 2014, after which orders plummeted due to a deterioration in the shipbuilding market.

DSME also noted its order backlog stands at $22.2 billion and will keep its shipyards busy in the coming two years.

This year, DSME received orders for a total of 46 vessels, including 16 containerships, 11 very large crude oil carriers, 9 super-large LPG carriers, 6 LNG carriers, 1 wind turbine installation vessel (WTIV), 1 submarine, and 2 offshore plants.