Korea Shipbuilding & Offshore Engineering (KSOE) has signed orders worth a combined ₩1.56Tn (US$1.4Bn) to build seven LNG carriers
KSOE’s subsidiary Hyundai Heavy Industries (HHI) will build three 174,000-m3 LNG carriers for an unnamed Asian shipowner by the end of 2024 in a deal worth ₩678Bn (US$590M).
The remaining four carriers will be built by sister yard Hyundai Samho Heavy Industries (HSHI).
Two of these carriers will be built by the end of March 2024 for an unnamed European company in a deal worth ₩462.7Bn (US$400M). The other two LNG carriers are part of a ₩420.7Bn (US$364M) deal with a Liberian company.
With the latest round of orders, KSOE has obtained orders for 176 ships and two offshore plants worth a combined US$16.8Bn so far this year, which take up 113% of its annual order target worth US$14.9Bn.
This month South Korea’s state-owned news agency Yonhap also reported KSOE signed another US$1Bn deal to deliver 10 ships - two 174,000-m3 LNG carriers, a 300,000-tonne oil tanker, four 115,000-tonne petrochemical carriers and three LPG carriers for a number of operators.
The shipbuilder recently said it would focus on profitability rather than volume in the second half of the year, given strong order enquiries.
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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