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January 4, 2022

KSOE secures $1.39bn construction orders for ten ships

KSOE will deliver six liquefied natural gas carriers in the first half of 2024.

Korea Shipbuilding and Offshore Engineering (KSOE) has reportedly secured shipbuilding contracts worth $1.39bn (KRW1.67tn) for ten vessels.

The company received an order from a Europe-based shipper for the construction of six liquefied natural gas (LNG)-driven container ships, reported Yonhap News Agency.

These 15,000 twenty-foot equivalent unit (TEU) vessels will be delivered to the client in a phased manner, starting in H1 2024.

The shipbuilder also obtained an order from an Asian shipper for the construction of an LNG carrier, which is expected to be delivered in the second half of 2024.

Furthermore, KSOE will build three feeder container vessels for a client based in Oceania.

These ships are slated to be delivered in H2 2023.

KSOE did not reveal the individual value of the orders.

The South Korea-based shipbuilder aims to secure $17.4bn in orders this year.

In a regulatory filing, KSOE stated that this target is 19% more than its mark of $14.9bn from last year.

KSOE owns three shipbuilding units, namely Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries.

Last July, KSOE won orders for the construction of seven LNG carriers.

The combined value of the orders stood at around $1.4bn (KRW1.56tn).

In April 2021, South Korea announced plans to invest nearly $33m (KRW36.4bn) to develop a testbed for promoting the engineering of green ships.

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