Korea Shipbuilding & Offshore Engineering (KSOE) has signed a ₩1.1Tn (US$1Bn) deal to build 10 ships
South Korea’s state-owned news agency Yonhap reported that a ₩438 Bn (US$386M) deal with an Oceanian company will see KSOE will deliver two 174,000-m3 LNG carriers. Both ships will be built by KSOE’s unit Hyundai Heavy Industries (HHI) by the end of 2023.
Another deal worth ₩106Bn (US$93M) with a European company will see Hyundai Samho Heavy Industries (HSHI) build a 300,000-tonne oil tanker due in the second half of 2023 while an unnamed Greek company has also ordered a 91,000-m3 LPG carrier.
Of three LPG carriers on the orderbook, two will be built by HHI and the third will be constructed by HSHI.
Hyundai Mipo Dockyard (HMD) secured a ₩256.6Bn (US$226M) order to build four 115,000-tonne petrochemical carriers from a European company, with the order to be completed by March 2024.
Earlier this year HHI and HSHI cancelled orders for 10 newbuild VLCCs after a counterparty failed to honour contract payments. Despite this, KSOE’s subsidiary HHI obtained orders worth US$7.08Bn between January and May 2021 while the scope of new orders in the same period for HSHI and HMD amounted to US$2.39Bn and US$2.53Bn respectively.
The potential merger between HHI Group and Daewoo Shipbuilding and Marine Engineering received approval from China’s State Administration for Market Regulation. However merger approval is still pending from the EU Competition Commission and delaying a review by the Korea Fair Trade Commission.
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