South Korea: HHI Secures USD 600 Million LNG Tanker Order from Dynagas

Hyundai Heavy Industries, the world’s largest shipbuilder, today won a USD 600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd.

These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions, increasing demand for LNG as an alternative energy source after Japanese nuclear crisis, and price competitiveness of LNG in comparison with oil prices, Hyundai Heavy expects to see more liquefied natural gas carrier orders in the future.

As a part of the Company’s long term strategy for the expected increase in demand for LNG carriers and LNG FPSOs, Hyundai Heavy has been actively developing a special welding system that can work on the thick aluminum plates used for the LNG tanks.

Winning this order brings Hyundai Heavy’s total new orders in shipbuilding and offshore & engineering divisions so far this year to 42 ships worth of USD 10.5 billion, or 53% of the new order target of USD 19.8 billion.

[mappress]

Source: HHI, May 31, 2011;