KSOE bags $197 million order for LPG carrier pair

South Korean shipbuilder Korea Shipbuilding & Offshore Engineering Co. (KSOE) has inked a deal with an undisclosed shipowner for the construction of two liquefied petroleum gas (LPG) carriers.

LPG Carrier/Illustration; Image HMD

According to the company’s stock exchange filing, the ships will be constructed by KSOE’s unit Hyundai Heavy Industries (HHI).

The KRW 252.8 billion (US$197.6 million) order was placed by a shipper located in Oceania.

The company plans to deliver the LPG carriers by May 2026.

KSOE has started the year with a contract for the construction of two very large gas carriers (VLGCs). The deal is worth KRW 240.8 billion ($195.4 million).

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According to the new agency Yonhap, KSOE has scored $4.83 billion in orders to construct 33 ships or 30.7 percent of its yearly target of $15.74 billion this year.

Korea’s five major companies all surpassed their initial order targets for 2022. Korea Shipbuilding & Offshore Engineering (KSOE) won $24.0 billion (197 vessels) worth of orders, 38 percent more than its target ($17.4 billion).

Meanwhile, HHI has been working on a new design for LPG carriers. Recently, together with its compatriot Hyundai Mipo Dockyard (HMD), the firm was granted an approval-in-principle (AiP) from classification society ABS for an ammonia-powered LPG carrier design.

The company emphasized that this joint development will be the first step in the commercialisation of ammonia fuel and accelerate decarbonisation in maritime transportation.

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