LNG

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering has won $4 billion in orders so far in 2022, including eight LNG carriers, six containerships, one offshore platform and one depot maintenance order.

DSME added that the six containerships ordered this year have a specification for dual-fuel capability.

The latest DSME orders included three LNG carriers for the Americas after the company previously said there had been two LNG carrier orders worth 521 billion South Korean won ($428M).

The yard has now added one more vessel for the order list from the Americas, taking the total for the region to 863.5Bln Korean won ($710M).

“These LNG ships will be built at the Okpo Shipyard and delivered to the owner by the end of 2025,” said DSME.

GasLog Ltd, the Greek LNG shipping company, has also ordered LNG carrier from DSME in 2022.

GasLog is currently expanding its fleet and has ordered four newbuild 174,000 cubic metres capacity vessels for delivery in 2024 and 2025.

DSME, which is the world’s fourth largest shipbuilder, had an order backlog of $10.86Bln because of increased demand for valued-added vessels, such as LNG carriers and very large containerships with dual-fuel propulsion.

The latest three LNG carrier orders for the Americas will be of 174,000 cubic metres capacity.

The yard added that they would also be equipped with the latest generation M-type Electronically Controlled, Gas Injection (ME-GI) propulsion system.

DSME said it was also fitting a more advanced re-liquefaction system.

“The yard’s other smart energy saving systems, such as the Shaft Generator Motor and their Lubrication System, are representative of eco-friendly new technologies that can improve fuel efficiency and reduce carbon-dioxide and sulfur-oxide emissions,” added the DSME statement.

Owners of large and small LNG carrier fleets are maintaining robust order books with the latest ship to be delivered being for shipowner Minerva Gas along with four other vessels for various owners that emerged from the shipyards in June.

Greek shipping line Minerva has just taken delivery of the 173,400 cubic metres capacity carrier, the “Minerva Limnos”, from South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering.

The vessel left DSME's Geoje shipyard on June 30. The “Minerva Limnos” features M-type electronically controlled, Gas injection (ME-GI) propulsion, a No. 96 GW LNG containment system from GTT and a PRS-FRS re-liquefaction system.

The vessel is flying the Malta flag and is classed by European classification society DNV.

“We wish to convey to the Master, Chief Engineer and all Officers and ratings of ‘Minerva Limnos’ our warmest congratulations and wholehearted wishes for safe, smooth and prosperous voyages and calm seas,” said a statement from Athens-based Minerva.

Off Japan

The new Minerva carrier was shown in latest shipping data as being just off the coast of Japan and was expected to head for the Panama Canal before lifting its maiden cargo in the Atlantic Basin.

The vessel delivery brings Minerva's LNG fleet numbers to three carriers, following deliveries of two vessels in January and February 2021.

The shipowner has ordered two further carriers, both of 174,000 cubic metres capacity, the “Minerva Chios” to be delivered in the weeks ahead and its sister ship, the “Minerva Amorgos” to be handed over by August 2022.

The four other LNG carriers delivered from shipyards in June were for Danish owner Celsius Shipping and Greek owners Alpha Gas, Gaslog and Capital Gas.

The expectations of growing shipping demand in the LNG market is supported by the lengthening of shipping routes on the
ramp-up of export capacity from the United States and Russia.

The bulk of additional sanctioned liquefaction capacity entering the market will be in the 2021-2024 period.

At the end of 2020 as many as 150 LNG vessels were on order, which represents a quarter of the active carrier fleet, excluding floating storage and regasification units.

Of these, nearly 60 ships are scheduled for delivery in 2021, adding close to 10 million cubic metres of capacity, an 11 percent year-on-year increase.

The market entry of the remaining 15 million cubic metres of capacity on order is spread across the period between 2022 and 2025.