Photo: Illustration; Credit: Hyundai Samho Heavy Industries

KSOE nets $505 million deal for LNG carrier pair

South Korean shipbuilding major Korea Shipbuilding & Offshore Engineering (KSOE) has secured an order for two liquefied natural gas (LNG) carriers.

The order was received by one of its three affiliates, Hyundai Samho Heavy Industries (HSHI). The firm will build the vessel at its shipyard in the southwestern port of Yeongam, South Korean media reported.

The South Korean heavyweight signed the contract with an undisclosed shipowner from Oceania. The value of the contract is KRW 626.7 billion ($505 million).

The LNG carriers are slated for delivery by the second half of 2026, KSOE said in its stock exchange filling.

The deal comes just two days after the company signed a deal for an LNG carrier trio with an Oceanian shipper. The deal has a value of KRW 971.4 billion ($784 million).

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LNG has been described as a transitional fuel for the shipping industry for years now, and a practical solution for shipowners who want to act now on their emissions and not wait on the sidelines.

Last year, KSOE managed to exceed its yearly target of $17.4 billion. Namely, KSOE has won orders for 190 vessels, mainly driven by the demand for LNG carriers, pushing its orderbook to $22.8 billion.

Recently, HSHI hosted keel-laying ceremonies for two LNG carriers on the same day. The keels were laid for two 174,000 cbm LNG carriers that are being built for Norway-based Knutsen OAS Shipping AS. The vessels, which are slated for delivery in 2024, will be classed by Lloyd’s Register.

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