South Korea’s leading shipbuilder, HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), announced on Monday that it has secured a substantial $1.08 billion contract to construct four liquefied natural gas (LNG) carriers for a client based in Oceania. This achievement significantly contributes to fulfilling nearly half of the company’s annual order target, says an article published on kedglobal website.
Summary
- HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), a subsidiary of the HD Hyundai Group, has secured a substantial $1.08 billion contract to construct four liquefied natural gas (LNG) carriers for a client based in Oceania.
- Each LNG carrier will have a capacity of 174,000 cubic meters, with a record-high price of $270 million per vessel, surpassing the previous record of $265 million for carriers of the same size.
- The construction and delivery of these LNG carriers will be handled by Hyundai Samho Heavy Industries Co., another subsidiary under the HD KSOE umbrella, with a scheduled completion date set for January 2028.
- HD KSOE maintains its position as the world’s leading manufacturer of LNG carriers, having secured contracts for six vessels since the beginning of the current year and a remarkable track record in LNG carrier manufacturing over the past years.
Contract Details
HD KSOE, an intermediate holding company within the HD Hyundai Group’s shipbuilding sector, revealed that the price for each LNG carrier, boasting a capacity of 174,000 cubic meters, reached a record high of $270 million. This surpasses the previous record of $265 million for carriers of the same size.
The construction and delivery of these LNG carriers are entrusted to Hyundai Samho Heavy Industries Co., a subsidiary under the HD KSOE umbrella. The scheduled completion date for these vessels is set for January 2028.
Industry Leadership In LNG Carrier Manufacturing
- HD KSOE maintains its status as the world’s leading manufacturer of LNG carriers, evident from securing contracts for six of these vessels since the beginning of the current year.
- The company’s impressive track record includes agreements to build 39 LNG carriers in 2023, 45 in 2022, 25 in 2021, and 21 in 2020.
Order And Revenue Projection
- In 2024 alone, HD KSOE has already clinched orders totaling $5.98 billion for the construction of 46 vessels, encompassing a diverse range of ship types.
- This achievement tentatively satisfies 44.3% of the company’s ambitious $13.5 billion target for the current year.
Diverse Vessel Portfolio
The recent orders obtained by HD KSOE comprise various vessel categories, including product carriers, liquefied petroleum gas (LPG) and ammonia carriers, ethane carriers, liquefied CO2 carriers, and tankers.
This significant contract win underscores HD KSOE’s prominent position in the global shipbuilding industry and reinforces South Korea’s reputation as a powerhouse in maritime engineering and construction.
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Source: kedglobal
