KSOE reveals new shipbuilding orders

South Korean shipbuilding giant Korea Shipbuilding & Offshore Engineering Co. (KSOE) continues its success in securing new orders, meeting the projections of the sector’s full recovery in 2021.

On 1 April 2021, KSOE said that its unit Hyundai Heavy Industries (HHI) received a contract for the construction of two very large ethane carriers (VLECs).

The deal, signed with an undisclosed Asian shipping company, is worth KRW 247.1 billion (about $218.5 million), according to KSOE’s stock exchange filing.

The newbuilds are scheduled to be delivered by 31 January 2023.

What is more, Hyundai Mipo Dockyard (HMD), also part of KSOE, announced a new order for two 50,000-tonne petrochemical carriers.

The deal, revealed on 31 March 2021, is valued at KRW 82.6 billion ($73.09 million).

Under the deal, the petrochemical pair will be delivered by mid July 2022 to an unnamed shipping company in Europe.

KSOE has reportedly set a target of $14.9 billion for 2021, upping the ante from last year’s $11 billion.