LNG carrier

KSOE nets $765 million deal for LNG carrier trio

South Korean shipbuilding heavyweight Korea Shipbuilding & Offshore Engineering (KSOE) has received an order for three liquefied natural gas (LNG) carriers.

Illustration; Image by KSOE

KSOE’s unit Hyundai Samho Heavy Industries will construct the 174,000 cbm LNG vessels for an undisclosed shipowner from North America.

The value of the contract is $765 million, as revealed in the firm’s stock exchange filling.

The ships are slated for delivery in stages by the end of 2027.

So far this year, KSOE received $6.11 billion in orders to construct 44 vessels, or 38.8 percent of its yearly target of $15.74 billion.

To remind, in January this year, the South Korean shipbuilder scored an order to construct three LNG carriers for an undisclosed shipowner from Oceania. The value of the contract is KRW 971.4 billion ($784 million).

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Last year, KSOE has won orders for 190 vessels, mainly driven by the demand for LNG carriers, pushing its orderbook to $22.8 billion.

In July 2022, the company won a major order for 10 LNG carriers from undisclosed shipowners from Europe and Oceania.

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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 side-lines.

Investments in LNG dual-fuel vessels have been record high this year. LNG and other alternative fuels make up 4.5% of the fleet when looking at the gross tonnage and 44% of the orderbook, data from Clarksons Research shows.