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KSOE secures order worth $137m for Suezmax vessels

26 Apr 2021 (Last Updated April 26th, 2021 09:35)

Korea Shipbuilding and Offshore Engineering (KSOE) has received an order for the construction of two crude oil carriers.

KSOE secures order worth $137m for Suezmax vessels
In a stock exchange filing, KSOE disclosed that the value of the contract is approximately $137m (KRW153.1bn). Credit: Holger Schué from Pixabay.

Korea Shipbuilding and Offshore Engineering (KSOE) has received an order for the construction of two crude oil carriers.

As per the agreement, KSOE’s unit Hyundai Samho Heavy Industries (HSHI) will be responsible for the construction of two Suezmax for Sonangol Shipping.

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

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

The carriers are expected to be delivered by December 2023.

Last week, HSHI secured an order worth $186m (KRW207.9bn) from Belgium’s tanker shipping company Euronav. The order included the construction of two very large crude carriers (VLCCs) as well as the option for a third.

These vessels are expected to be delivered during Q4 2022 and Q1 2023.

According to the shipbuilder, these vessels will be liquified natural gas (LNG)-ready and potentially ammonia-ready as well.

Last month, KSOE secured contracts for the construction of a total of ten vessels from four shipping firms in Europe, Africa and Oceania.

The total value of the contracts was approximately $724m (KRW823bn).

The ten vessels consist of four VLCCs, three 91,000m³ liquefied petroleum gas (LPG) carriers, two 50,000t petroleum carriers (PCs) and one 40,000m³ LPG carrier.

Construction will take place at HSHI in Yeongam for the larger LPG vessels and Hyundai Heavy Industries in Ulsan for the crude oil carriers.

These ships will be delivered to the clients in a phased manner, starting from the second half of next year.

The mid-sized LPG carrier will be built at the Hyundai Mipo Dockyard in Ulsan and the PCs at Hyundai Vietnam Shipbuilding.

These vessels are scheduled for delivery between the second half of 2022 and the first half of 2023.