Photo: Illustration. Image by KSOE

KSOE reveals new 10-vessel order

South Korean shipbuilding giant Korea Shipbuilding & Offshore Engineering Co. (KSOE) has won several contracts with overseas companies for the construction of 10 ships.

The new construction agreements have a combined value of KRW 853 billion ($753 million).

Hyundai Mipo Dockyard Co. (HMD), a unit of KSOE, has signed a deal worth KRW 417 billion ($368 million) with New Zealand-based Kiwirail to build two 53,000-ton RoPaxes. The ships are to be propelled by electricity and diesel.

The first vessel is scheduled for delivery in 2025 and the second in 2026.

Apart from the RoPax duo, HMD has secured orders for 6 new containerships.

One of the deals signed with an undisclosed Oceanian company includes the construction of a 1,800 TEU containership trio scheduled for delivery in March 2023. The price tag of the trio is KRW 106 billion ($93.6 million).

Furthermore, HMD has sealed a deal to build two 2,800 TEU container carriers and one 2,100 TEU container carrier.

The European company behind the order is said to take delivery of the vessels in the first half of 2023.

The 2,100 TEU container carrier will become the world’s first ship to be equipped with engines to be powered by methanol, the company claims.

The move is being made at a time of a major turnaround for the container shipping sector.

According to BIMCO, it has been a record-breaking start to the year for containership contracting, with 2.2 million TEU being ordered, more than 12 times higher than the 184,254 TEU ordered in the first five months of 2020.

Another unit of KSOE, Hyundai Samho Heavy Industries Co. (HSHI) has signed an agreement with an unnamed Liberian company to construct two LPG carriers and deliver them by September 2023.

The deal is worth KRW 187.8 ($165 million) and carriers will have the capacity of 86,000 cubic meters, according to a stock exchange filing issued by KSOE.

Last month, KSOE also announced an order for two LNG carriers to be constructed by its unit Hyundai Heavy Industries.

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