Korean shipyard wins two more LNG carrier construction contracts and orders grow for LNG-powered vessels

Thursday, 06 January 2022
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Daewoo Shipbuilding and Marine Engineering said it received an order to build two liquefied natural gas carriers for Maran Gas of Greece as South Korean shipbuilding undergoes a revival led by LNG vessels and LNG-powered ships.

DSME said the LNG vessel orders were valued at 502 billion-won ($420 million) and were the latest in a growing stream of newbuilds.

The company said it would deliver the LNG carriers to Maran Gas Maritime, an affiliate of Greece's Angelicoussis Shipping Group, by November 2025.

DSME said the vessels would have capacity of 174,000 cubic metres capacity and GTT No. 96 GW membrane containment systems.

The company received another order earlier in December 2021 for four newbuilds on behalf of the Japanese shipowner Mitsui OSK Lines.

DSME added that its 2021 order book amounted to $10.86Bln and exceeded its target of $7.7Bln.

Korea Shipbuilding and Offshore Engineering Co. (KSOE), the world's biggest shipbuilder by order backlog, said it had a stellar 2021.

KSOE, whose affiliates include Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries, said it has 1.67 trillion won ($1.39Bln) worth of ship orders this week.

The orders included one for a Europe-based shipper to build six 15,000 20-foot equivalent unit (TEU) LNG-powered containerships.

“The container carriers will be gradually delivered to the client from the first half of 2024,” said KSOE.

In other deals, the company said it would build one LNG carrier for an Asian ship owner with the delivery scheduled in the second half of 2024.

It will also build three feeder container ships for an Oceanian client, with the delivery set in the second half of 2023.

KSOE said it aimed to win $17.5Bln worth of orders in 2022, higher than last year's target of $14.9Bln. In 2021,the company achieved $22.8Bln worth of orders.

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