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KSOE secures order worth $329m for four VLGCs

30 Apr 2021 (Last Updated April 30th, 2021 09:29)

Korea Shipbuilding and Offshore Engineering (KSOE) has received an order for the construction of four very large gas carriers (VLGCs).

KSOE secures order worth $329m for four VLGCs
The 86,000m³ carriers will be delivered by Hyundai Samho Heavy Industries, a unit of KSOE. Credit: Free-Photos from Pixabay.

Korea Shipbuilding and Offshore Engineering (KSOE) has received an order for the construction of four very large gas carriers (VLGCs).

The value of the contract stands at around $329m (KRW365bn), reported Yonhap News Agency.

KSOE stated that the contract has been secured from the Asian and Liberian shipping lines, with each shipping line booking two newbuilds.

The 86,000m³ carriers will be delivered by Hyundai Samho Heavy Industries (HSHI), a unit of KSOE.

The delivery of the vessels will commence in 2023.

This contract comes amid expectations of an increase in international orders for liquefied petroleum gas (LPG) carriers in the future.

Earlier this week, KSOE received an order for the construction of two crude oil carriers.

The agreement is for the construction of two Suezmax for Sonangol Shipping, which HSHI will also be responsible for.

Sonangol Shipping is a unit of Sonangol EP, Angola’s state-controlled oil firm.

In a stock exchange filing, the value of the contract was disclosed as approximately $137m (KRW153.1bn).

The carriers are expected to be delivered by December 2023.

In January 2020, KSOE received an order worth approximately $823m for six container ships from an Asian shipper.

The supply of the 15,000 twenty-foot equivalent unit (TEU) container carriers will commence from the first half of 2023.

KSOE owns three shipbuilding companies, namely HSHI, Hyundai Heavy Industries and Hyundai Mipo Dockyard.