Hyundai Heavy adds $724 mn order, reaching 29.5% of 2021 target

(Courtesy of Hyundai Heavy Industries)
(Courtesy of Hyundai Heavy Industries)
Man-Su Choe 1
Mar 15, 2021 (Gmt+09:00) bebop@hankyung.com
Shipbuilding orders

Hyundai Heavy Industries Group has won new orders worth 823 billion won ($724 million) to build a total of 10 vessels for four global clients in Africa, Europe and Oceania. 

The new order marks a total of 56 vessels worth $4.4 billion for Hyundai Heavy this year, thus so far achieving 29.5% of its 2021 annual target of $14.9 billion.

Hyundai Heavy announced on Mar. 15 that it landed orders for four 300,000-ton very large crude-oil carriers (VLCCs); three large 91,000-cubic meter liquefied petroleum gas (LPG) carriers; one 40,000-cubic meter LPG carrier and two 50,000-cubic meter petroleum carriers (PCs).

The contracts for LPG carriers include an option for additional orders in the future.

Hyundai Heavy's Ulsan dockyard (Courtesy of Hyundai Heavy Industries)
Hyundai Heavy's Ulsan dockyard (Courtesy of Hyundai Heavy Industries)

The VLCCs and the 91,000-cubic meter LPG carriers will be constructed by Hyundai Heavy Industries Co. and Hyundai Samho Heavy Industries Co., respectively, to be delivered from the second half of 2022.

The 40,000-cubic meter LPG carrier to be delivered by the first half of 2023 will be constructed at Hyundai Mipo Dockyard Co., and PCs to be delivered from the second half of 2022 will be built at Hyundai Vietnam Shipbuilding.

The VLCCs will be equipped with scrubbers that help reduce sulfur emissions, in response to strengthened regulations by the International Maritime Organization (IMO), while the LPG carriers will also be equipped with dual fuel engines, which use oil and LNG (liquefied natural gas) alternately to reduce carbon emissions.

Write to Man-Su Choe at bebop@hankyung.com
Daniel Cho edited this article.
#Hyundai #Shipbuilding #LNG #VLCC #LPG

Hyundai Heavy, Aramco form global hydrogen partnership

Hyundai Heavy, Aramco form global hydrogen partnership

Chung Ki-Sun, senior VP of Hyundai Heavy Industries; Ahmad A. Al-Sa’adi, senior VP of Saudi Aramco South Korea’s Hyundai Heavy Industries Holdings Co. and Saudi Aramco have agreed to launch a hydrogen partnership in a step toward building a greener business model. The holding compan

Korean shipbuilders kick off 2021 with $1 bn container ship, LNG carrier orders

Korean shipbuilders kick off 2021 with $1 bn container ship, LNG carrier orders

An LNG-powered container ship built by Hyundai Heavy Industries South Korea’s two major shipyards have started off 2021 with decent orders, brightening the outlook for the country to retain its leadership in the global shipbuilding industry.Korea Shipbuilding & Offshore Engineering Co

Korean shipbuilders sailing toward order target; shares on uptick

Korean shipbuilders sailing toward order target; shares on uptick

Shares of South Korea’s shipbuilders have been neglected in the market, lagging growth and value stocks, as orders for new ships almost stalled amid a global lockdown in the pandemic era.But in the past few months, local shipbuilding companies began running their shipyards at full capaci

Hyundai Heavy hits jackpot again, clinches $915 mn ship orders

Hyundai Heavy hits jackpot again, clinches $915 mn ship orders

An LNG carrier made by Hyundai Heavy Industries South Korea's major shipbuilding companies are on a winning streak, securing lucrative contracts to build liquefied natural gas (LNG) carriers, Very Large Crude Carriers (VLCC) and container ships. On Dec. 16, Hyundai Heavy Industries Co. a