DNV GL Regional Business Development Manager Korea and Japan Hwa Lyong Lee and DHSC president and CEO Dae-Seong Jeong at the signing ceremony in Busan. Credit: DNV GL.

South Korea-based Daehan Shipbuilding (DHSC) and DNV GL have entered a Joint Development Project (JDP) for the development of small-size LPG carriers.

As per the agreement, the two organisations will co-develop the LPG carriers, starting from next month. The project is expected to complete by the end of December this year.

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The demand for the development of LPG and LNG carriers has increased, due to the stricter emission regulations and a shale gas boom.

Additionally, an increase in the cargo rates has also increased the orders for LPG carriers.

In order to address the need and take opportunities, DHSC has planned to expand the ship type lines and begin the development of LPG carriers.

DHSC president and CEO Dae-Seong Jeong said: “DHSC already established its position as a reliable shipbuilder with the capability to build different ship types other than gas carriers.

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“As the industry is changing rapidly, we are now strengthening our competitiveness by developing LPG carriers and show our technological competence to ship owners.”

DNV GL will oversee the basic and detailed vessel designs according to the relevant rules and regulations. It will also offer technical advice and recommendations to boost development of the design.

DNV GL Regional Manager Korea and Japan Vidar Dolonen added: “For decades, DNV GL has led the way in the gas carrier segment, working in partnership with stakeholders to improve vessel performance.

“We are the most appropriate partner for DHSC’s new challenge, and we anticipate a fruitful result for both parties.”

In February, DNV GL introduced a new online LNG bunkering platform to support operators from order to delivery.