Korean Shipbuilders Record-Breaking Contracts For LNG & Ammonia Ship


The Korean shipbuilding industry continues its impressive performance with successive orders for cutting-edge vessels. HD Korea Shipbuilding & Offshore and Hanwha Ocean have recently secured substantial contracts, marking significant achievements in the global market, says  an article published on business korea website.

HD Hyundai Heavy Industries, Record-Breaking LNG Carrier Contracts

HD Korea Shipbuilding & Offshore, a leading player in the Korean shipbuilding sector, announced on November 14 that its subsidiary, HD Hyundai Heavy Industries, has inked a construction contract valued at 698.1 billion won (US$531.68 million) with an African shipping company.

The deal involves the construction of two liquefied natural gas (LNG) carriers, each costing US$265 million. The Korean won order amount has reached historic levels due to the increased exchange rate, setting a new record for the highest historical price.

The vessels are scheduled to be completed at Ulsan HD Hyundai Heavy Industries and delivered to the shipowner by February 2028. With this contract, HD Korea Shipbuilding & Offshore has surpassed 132.7% of its annual goal for the year, securing a total of 147 vessels, including one marine facility, with a total order amount of US$20.89 billion, surpassing the annual target of US$15.74 billion.

Hanwha Ocean, Largest Ammonia Transport Vessel Order Globally

Hanwha Ocean, on the same day, announced that it has received an order for four large ammonia carriers, designed to use ammonia as fuel, from Greece’s Naftomar, a prominent shipping company specializing in LPG and ammonia transport worldwide. The total order amounts to 656.2 billion won.

These vessels, set to be constructed at the Geoje shipyard in South Gyeongsang Province, are expected to be delivered to the shipowner in the first half of 2027. Notably, this vessel is the largest among globally ordered ammonia transport vessels, with a capacity of 93,000 cubic meters.

It will feature a shaft generator motor system for fuel efficiency and Hanwha Ocean’s self-developed Smart Ship Platform HS4. The design also allows for potential future transition to ammonia propulsion, aligning with the shipowner’s preferences.

The Korean shipbuilding industry’s recent achievements underscore its leadership in delivering advanced and environmentally conscious vessels to meet the evolving needs of the global maritime sector.

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Source: business korea


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