London-based Flex LNG has signed an agreement with Samsung Heavy Industries (SHI) to convert the propulsion systems of two LNG carriers.
Under the contract, SHI will convert Flex’s carriers from dual-fuel, diesel-electric (DFDE) to the fuel-efficient, two-stroke, slow-speed MEGI main engines.
The switch will increase the yard price of the vessels due to the change in specification, including the installation of the new engine system and exhaust gas treatment to meet the new emissions regulations.
The carriers will have a ballast water treatment system and a 0.09% boil-off rate to maintain speed flexibility.
After conversion, the vessels are expected to be delivered in the first and second quarter of 2018.
Flex LNG said in a statement: "With the support of major shareholders and Samsung Heavy Industries, Flex is laying the foundation for building an attractive position in the LNG shipping market with the newest generation of LNG carriers."
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The twin screw LNG carrier design with MEGI engines will have average daily fuel consumption of around 25% less than with the DFDE. This will represent a saving of more than 25t of fuel a day in heavy-fuel oil equivalents, Flex stated.
In addition, the average reduction in fuel consumption is estimated to be more than double when compared with the typical steam LNG carrier, which holds a significant part of its current fleet.