DSME Launches World’s First ICE-CLASS LNG Carrier

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Daewoo Shipbuilding and Marine Engineering (DSME)launches its first ice – class LNG carrier.

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Arc 7 ice-class LNG carriers for the Yamal LNG project can break through over 2 meters of ice and can carry 170,000 cubic meters of liquefied gas.  The launch of this world class vessel was held on friday at DSME’s Okpo shipyard in Geoje, South Gyeongsang, the firm said.

Design:

The vessel has three azimuthing stern thrusters by ABB for maneuverability and to permit movement astern in ice up to 2.1 meters (they are double-acting icebreakers, with greater icebreaking capacity astern).

Market demand:

  • Chinese shipping major Sinotrans has signed with Dynagas and CLNG for the joint purchase of five Arctic-class LNG carriers from DSME in December in a series of joint ventures coupled with a 25-year time charter for each ship, at $20 million per month per vessel.
  • Teekay Tankers signed an earlier deal with China LNG Shipping for six of the ships.
  • Sovcomflot signed a deal for the first prototype vessel in 2014, for delivery in October 2016.
  • Fourteen more of the tankers are expected, at a cost in the range of $5 billion.
  • The Novatek-operated Yamal LNG project with financial support from Russian President Vladimir Putin will produce 16.5 million tons per annum beginning 2017.
  • China’s state-owned Silk Road Fund purchased a 10 percent equity stake.

DSME in spite of its financial pressure on operating loss due to delays on offshore projects has announced to issue $350 million in new shares.

Source: Korea Joongang Daily