Photo: Illustration; Photo by: KSOE

KSOE bags order for 10 LNG-fuelled boxships

South Korean shipbuilding company Korea Shipbuilding & Offshore Engineering (KSOE) has secured an order for ten liquefied natural gas (LNG)-powered containerships worth approximately KRW 745.6 billion ($627 million).

As informed, the 2,000 TEU vessels are planned to be built by KSOE’s unit Hyundai Mipo Dockyard (HMD). They will measure 204 meters in length and 29 meters in width, the company revealed.

Furthermore, the ships will feature ice-class 1A notation and a dual-fuel engine to meet the International Maritime Organization’s (IMO) emission targets.

According to KSOE, the ten units will be delivered subsequently by the second half of 2024.

Other details of the contract were not revealed.

Last month, KSOE scored an order for the construction of four petrochemical carriers. The units will be built by KSOE’s subsidiary Hyundai Heavy Industries (HHI) for an unnamed Middle East-based shipowner. All four newbuilds are scheduled to be delivered by 30 April 2024.

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With these latest contracts, KSOE has already surpassed its annual target of $14.9 billion. So far, the South Korean firm secured orders of an approximate value of $22.5 billion.

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The company is also heavily investing in zero-emission technologies. Recently, KSOE signed a Memorandum of Understanding (MoU) with Lloyd’s Register (LR) and Hyundai Heavy Industries (HHI) to develop digital twin technology for an LNG carrier.

The agreement was signed at Gastech 2021 to support the digitalisation of the maritime industry and the growing demand for large-scale LNG carriers.