Korea Shipbuilding secures $263m contract to build LPG / LNG carriers

11 January 2021 (Last Updated January 11th, 2021 12:29)

Korea Shipbuilding and Offshore Engineering has secured contracts worth $263m from three firms in Liberia, Oceania, and Asia for the construction of fuel-bearing vessels.

Korea Shipbuilding secures $263m contract to build LPG / LNG carriers
The company said that Hyundai Samho Heavy Industries will construct a 174,000cm³ liquefied natural gas (LNG) carrier as part of the deal with a Liberian company. Credit: Cameron Venti / Unsplash.

Korea Shipbuilding and Offshore Engineering has secured contracts worth $263m from three firms in Liberia, Oceania, and Asia for the construction of fuel-bearing vessels.

The company said that Hyundai Samho Heavy Industries will construct a 174,000cm³ liquefied natural gas (LNG) carrier as part of a deal with a Liberian company.

The vessel has been scheduled for delivery in the second half of 2023, reported The Korea Herald.

Overall, the deal has the option of building two 174,000cm³ LNG carriers and one liquefied petroleum gas (LPG) carrier for a total value of nearly $410m.

As part of the deal with an Oceania company, Hyundai Mipo Dockyard will build a 40,000cm³ LPG carrier and deliver it by the first half of 2023.

Furthermore, according to the deal with an Asian firm, Hyundai-Vietnam Shipbuilding, a Vietnamese unit of Hyundai Mipo Dockyard, will construct a 50,000t petrochemicals carrier (PC).

Korea Shipbuilding estimates the vessel delivery to take place by the first half of 2022.

In a separate development, Korean Register (KR) awarded Approval in Principle (AIP) for an LNG carrier with a prismatic IMO type-B tank.

Equipped with a B-type cargo tank, the vessel is a small to medium-sized LNG carrier.

In a technical collaboration project with KR, the new vessel was constructed by Hyundai Mipo Dockyard.

The collaboration project commenced in February 2020.