KSOE wins order for VLGC trio

Korea Shipbuilding &Offshore Engineering (KSOE) has secured an order for three very large gas carriers (VLGCs), the company revealed in a stock exchange filing.

The order has been won by KSOE’s Hyundai Heavy Industries subsidiary and it is worth KRW 391.7 billion ( $285 million).

The unnamed shipping company behind the order is based in Africa, according to the filing. The 88,000 cbm vessels will be built at HHI’s Ulsan yard and are slated for delivery in January 2025.

The contract includes an option for two additional LPG carriers, Yonhap reported citing the yard.

The deal comes on the back of a massive order HHI landed in August for the construction of 7 LNG carriers.

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Once delivered in 2025 and 2026, the seven newbuilds will serve the needs of QatarEnergy, which is one of the world’s largest LNG producers, in the transportation of LNG to various countries around the world.

The LNG carriers in question will be equipped with eco-efficient technologies such as X-DF 2.1 engines with intelligent control by exhaust recycling (iCER) system and air lubrication system, which will contribute to the reduction of greenhouse gas (GHG) emissions.

KSOE, the world’s largest shipbuilder, is targeting $17.4 billion in orders this year amid increased demand for new ships following a COVID-19 caused ordering slump. The improvements in demand have also been spurred by the desire from owners to replace aging fleets with more energy-efficient models to meet ever stricter environmental regulations.

According to the data from Yonhap, the shipbuilder has exceeded its yearly target having won contracts worth $19.2 billion so far this year, the equivalent of 160+ ships.

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