Korea's KSOE wins order for 3 LNG carriers at $770 mn

The price per vessel is $255 million, setting a new record for a 174,000-cubic-meter-class LNG carrier

LNG carrier built by Hyundai Samho Heavy Industries

Ik-Hwan Kim 1

Mar 03, 2023 (Gmt+09:00) lovepen@hankyung.com

Shipping & Shipbuilding

Korea Shipbuilding & Offshore Engineering, a shipbuilding holding company of HD Hyundai Group, has secured a contract for liquefied natural gas (LNG) carriers at a record-breaking price, amounting to more than 1 trillion won in orders.

The shipbuilder announced on Thursday the signing of a deal to construct three LNG carriers for a North American shipping company, with a total order value of 1,007.8 billion won ($767 million). The price per vessel is $255 million, setting a new record for a 174,000-cubic-meter-class LNG carrier.

South Korean dockyards receive about 80% of global orders for LNG carriers, which have the highest unit price of all ship types.

The vessels will be built by Hyundai Samho Heavy Industries in Yeongam, South Jeolla Province, and will be delivered sequentially by Dec. 2027.

Korea Shipbuilding & Offshore Engineering has received orders for a total of 44 vessels worth $6.1 billion, achieving 38.8% of its annual order target of $15.7 billion.

Write to Ik-Hwan Kim at lovepen@hankyung.com