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September 10, 2019

HSHI secures contract to build LNG carrier for H-Line

Hyundai Samho Heavy Industries (HSHI) has won a contract from South Korean H-Line Shipping Company to build a liquefied natural gas (LNG) carrier.

Hyundai Samho Heavy Industries (HSHI) has won a contract from South Korean H-Line Shipping Company to build a liquefied natural gas (LNG) carrier.

According to the contract, HSHI will deliver the vessel to H-Line Shipping by the end of December 2021. The vessel will have a cargo-carrying capacity of 174,000m³.

The LNG carrier contract is worth KRW228bn ($191.2m).

The company operates as a division of the South Korean shipbuilder Hyundai Heavy Industries (HHI).

The latest contract award follows just weeks after HSHI won a contract to construct five ships, including two liquefied petroleum gas (LPG) and three petrochemical carriers.

The two LPG carriers will have a cargo capacity of 84,000m³ and are scheduled to be delivered by November 2021.

The contract was placed by an unknown Asian customer and its combined value is estimated to be KWR410bn ($337m).

In the first quarter of 2019, Hyundai Samho Heavy Industries reported a 35% sales decrease compared to the same period in 2018. However, the company was able to retain its operating profit.

In November 2018, HSHI signed a $370m contract with Greece-based Consolidated Marine Management (CMM) for the construction of two LNG carriers.

HSHI employs approximately 16,000 people in research and development (R&D), as well as production, management and administration divisions.

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