Hyundai Heavy to Build First Korean-Designed LNG Ship

Monday, April 21, 2008

A Korean shipbuilder has succeeded in independently designing a liquefied natural gas carrier. Building LNG ships is a high value-added business, as it requires the highest level of shipbuilding technology. The latest achievement should significantly lower the royalties that Korean companies have had to pay to countries that developed such technology. Hyundai Heavy Industries said that plans to purchase an LNG ship built with Korean design technology in May. Although dominates global LNG carrier orders, it has been dependent on foreign companies that own the core technology needed to design the ships. Korean shipbuilders have paid Gaz Transport & Technigaz (GTT) of more than W1 trillion (US$1=W1,000) in royalties over the last five years for the technology. In order to stop paying such high royalties, 's shipbuilding industry began developing its own design technology for LNG vessels in 2004. It succeeded in doing so last year and received an actual order from this year. The industry anticipates that the success will generate more than W6 trillion in benefits.

Source:  Chosun

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

Mitsui Orders 2 LNG Carriers from MHI

Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

DSME Building 5 Icebreaking LNGCs for Yamal

Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is building five large Arctic Liquefied Natural Gas Carriers (LNGCs), for which it has LNG ordered

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1107 sec (9 req/sec)