KSOE bags $292m in newbuild orders

Korea Shipbuilding & Offshore Engineering (KSOE) has, through its Hyundai business units, secured newbuild orders worth close to KRW330bn ($292m).

The holding company of Hyundai Heavy Industries (HHI) said on April 1, HHI had won a contract for the construction of two very large ethane carriers (VLECs).

Under the KRW247.1bn (close to $219m) deal, HHI will build the VLECs for an undisclosed Asian shipping company.

The newbuilds should be delivered by January 31, 2023, KSOE’s stock exchange filing said.

In a separate filing the day before, Hyundai Mipo Dockyard disclosed a new order for two petrochemical carriers.

The deal is worth KRW82.6bn ($73m) and should see the pair delivered by mid-July 2022 to still unknown shipping player in Europe.

In addition to these deals, South Korea’s largest shipbuilding group recently announced it was stepping up its carbon dioxide shipping game, with Hyundai eyeing containment system for new CO2 carriers, backed by class society ABS, and KSOE working on onboard carbon capture and storage systems.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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