VLCC and LNG carrier orders flood in to Hyundai Heavy

Hyundai Heavy Industries is having a fine end to a tough year, hauling in a host of new orders. Hyundai Samho, a sister yard, has won two separate VLCC contracts . Athenian Carriers ordered two firm plus two option 300,000 dwt VLCCs, with delivery due before Q4 2022. The ships are costing $90m each.

Meanwhile, Hyundai Glovis also placed an order at the yard, for two 300,000 dwt VLCCs, backed by Hyundai Oilbank, with delivery due in Q1 2022. The ships are costing $89.6m each.

Hyundai Heavy has also announced contracts in the LNG carrier sector in recent days, with orders for four 174,000 cu m LNG carriers, all of which are backed by timecharters with energy major Shell. Hyundai Samho is set to construct one of the vessels, ordered by European interests, while Hyundai Heavy will construct the remaining three units, two of which were ordered by Pan Ocean. The vessels are all due for delivery in the second half of 2024 and are costing $186.5m.

Despite the late flurry of orders, Hyundai Heavy, South Korea’s largest shipbuilding group, will end 2020 a long way short of its annual sales goal.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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