Photo: Illustration. Courtesy of KSOE

KSOE bags $2.2 billion order for 10 LNG carriers

South Korean shipbuilding group Korea Shipbuilding & Offshore Engineering (KSOE) has received two orders for the construction of a total of ten liquefied natural gas (LNG) carriers.

KSOE
Illustration. Courtesy of KSOE

The orders have a combined value of KRW 2.87 trillion (about $2.2 billion), the shipbuilder revealed in two separate stock exchange filings on 7 July 2022.

Under the first contract signed with an undisclosed European shipping company, KSOE’s Hyundai Heavy Industries (HHI) will build a total of eight 174,000 cbm LNG carriers.

The ship octet is slated for delivery by mid-November 2026.

Under the second deal, KSOE unit Hyundai Samho Heavy Industries (HSHI) will construct two LNG carriers for an unnamed shipowner from Oceania.

The newbuild duo is planned to be handed over to its owner by 21 August 2026, according to KSOE.

It is not clear whether the latest orders are part of an agreement signed between QatarEnergy, HHI and two other Korean shipbuilders to reserve LNG construction capacity. Back in 2020, an agreement was signed between Qatar Petroleum and South Korea’s biggest three shipbuilders to secure more than 100 vessels worth about $19.2 billion.

KSOE has so far this year won orders for 137 units valued at $17.34 billion, achieving 99.4 percent of its annual order target of $17.44 billion, Yonhap News Agency reported.

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