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September 23, 2022

DSME receives $425m contract to build two LNG carriers

DSME expects to deliver the two LNG units by 16 July 2026.

South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has reportedly secured a contract worth nearly $425m (KRW595.9bn) to build two liquefied natural gas (LNG) carriers.

The company received the contract from an undisclosed shipping company based in Oceania.

The two new LNG carriers are scheduled to be delivered by 16 July 2026, reported Offshore Energy.

The contract is believed to be connected to a contract worth $19bn signed by DSME, Hyundai Heavy Industries and Samsung Heavy Industries with Qatar Petroleum in June 2020.

It involves the construction of more than 100 LNG vessels by 2027.

In a separate development, the South Korean company announced that it has developed an environmental, social and governance (ESG) evaluation index and used it in the Okpo Shipyard in Geoje.

The company has been developing nearly 146 indicators with the Korea Register of Shipping (KR) for the past nine months.

According to the Korean shipbuilding industry characteristics, these indicators are intended for the practical evaluation of ESG promotion activities.

DSME intends to use the evaluation index, which is specialised for the shipbuilding industry, to diagnose internal ESG management activities regularly and provide the data in sustainability reports.

In July, DSME reached an agreement with contract workers to end a 51-day walkout over a pay raise disagreement.

The company raised the wages of subcontractors by 4.5% and guaranteed jobs for workers at subcontracting firms that could close.

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