Korea Shipbuilding & Offshore Engineering (KSOE) has already notched three LNG carrier newbuild contracts for its subsidiaries in 2023, totalling more than half a dozen vessels
KSOE has posted its third shipbuilding contract of the new year for gas carriers. The deal, worth KRW240.8Bn (US$195.5M), according to the company’s stock exchange filing, is for two very large gas carriers (VLGCs).
According to KSOE, the new vessels are LPG carriers for an unnamed African shipping company and are set for delivery in 2026. Korean news agency Yonhap said the vessels are set for delivery in 2026.
Yesterday, KSOE posted its second LNG carrier (LNGC) newbuilding contract of the year for affiliate Hyundai Samho Heavy Industries’ shipyard in South Korea’s port of Yeongam, according to Korea’s Yonhap News Agency.
The contract for KRW626.7Bn (US$505M) went to an unnamed shipowner, according to KSOE’s stock exchange filing. The two vessels are scheduled for delivery in the second half of 2026.
KSOE also confirmed the first LNGC newbuilding contract of the year for subsidiary Hyundai Heavy Industries (HHI) earlier this week.
HHI parent company KSOE said the deal for three LNGCs is worth KRW971.4Bn (US$786Bn), which puts the per vessel price at more than US$260M each, setting a record for price paid for an LNGC newbuild.
The deal was agreed with an unnammed buyer in Oceania, according to KSOE.
The vessels will have a capacity of 200,000 m3 and measure 300 m in length and 49 m abreast. All three ships will be delivered by the end of 2026, according to KSOE’s stock exchange filing.
In other news related to the unprecedented spate of newbuilding orders inundating shipyards and driven by Qatar’s expansion of its LNG fields, Norway-based TMC has won an order from Hudong-Zhonghua Shipbuilding to deliver its marine compressed air systems to seven newbuild LNG carriers under construction.
Hudong-Zhonghua Shipbuilding is building the vessels for Japanese shipping firm Mitsui OSK Lines (MOL), and upon completion of the vessels, they will all be taken on long-term charter by state-owned QatarEnergy.
“Last year, Hudong-Zhonghua Shipbuilding awarded us a similar contract for six newbuild LNGCs for MOL, destined for charter with CNOOC Gas & Power. To win another large award, this time for seven vessels, is a testament to Hudong and TMC’s joint focus on serial production to keep costs and project execution risk to a minimum,” said TMC chief executive Christian Ness.
Under the contract, TMC will supply four control and service air compressors and air driers to each of the seven LNG carriers. The compressors are energy-efficient, single-stage, oil-lubricated marine screw compressors designed and manufactured for continuous operation in high ambient temperatures. TMC, which manufactures marine compressors solely for marine and offshore use, will manufacture the equipment in the Nordic region and ship it to Hudong-Zhonghua Shipbuilding in China.
The equipment will be installed on board six 174,000-m3 LNGCs. The vessels will be 299 m long and 46 m wide.
GTT has recorded an order for its tank designs for a new LNGC and two new very large ethane carriers (VLECs). The orders were placed Q4 2022.
The LNGC will have a cargo capacity of 174,000 m3 and will be fitted with the membrane containment system Mark III Flex developed by GTT. Intended for European shipowner TMS Cardiff, its delivery is scheduled for Q1 2026.
The two VLECs will be fitted with the membrane containment system Mark III developed by GTT, each with a cargo capacity of 98,000 m3. Intended for the Japanese shipowner IINO LINES, delivery is scheduled for Q4 2025.
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