K Shipbuilding wins order for two MR tankers

Korean shipbuilder K Shipbuilding has secured an order for the construction of two 50,000 dwt MR tankers.

Illustration; Image credit: Al Seer Marine

The contract has been signed with an undisclosed Middle Eastern owner believed to be Al Seer Marine, a unit of Abu Dhabi-based International Holding Company.

According to Clarksons, the two vessels are slated for delivery in the fourth quarter of 2024.

Offshore Energy has reached out to Al Seer Marine for a comment on the matter and is yet to receive a reply.

Al Seer Marine ordered four IMO II/III medium-range tankers of the same size at the yard in November 2022 with the same delivery dates.

The vessels are expected to be built at Jinhae Shipyard and delivered before the end of the fourth quarter of 2024. The order is valued at AED 643 million ($ 175 million).

The ships would be LNG-ready and would be designed to adapt to burn new fuels such as ammonia and methanol, the shipowner said at the time.

Al Seer Marine’s fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol to help the industry decarbonize its operations.

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Based on the data from VesslesValue, K Shipbuilding has around 28 vessels already on order, predominantly tankers, with deliveries spread across 2023 and 2025.

South Korea’s midsized shipyard K Shipbuilding, formerly known as STX Offshore & Shipbuilding Co., rebranded in 2021 after new ownership took over the company following an eight-year-long creditor management.

The yard was taken over by a consortium led by a local private equity fund KH Investment (KHI) and United Asset Management Company (UAMCO), South Korea’s biggest bad debt clearer.

The sale was completed for 250 billion won ($220 million) and each company has a 47.5 percent stake in the company.