Shipbuilder Wins $1.13B Orders for 6 Ships

Maritime Activity Reports, Inc.

December 19, 2019

Image: Hyundai Heavy Industries

Image: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has secured orders for a total of six liquefied natural gas (LNG) carriers from European and Asian shipowners, totaling $1.13 billion.

The ships - four LNG carriers for a European client and two others for an Asian shipping company - will be installed with a dual-fuel propulsion system to enhance efficiency and reduce toxic gas emissions.

Four of the vessels for the European owner will be built by Hyundai Samho Heavy Industries while the remaining two will be built by Hyundai Heavy Industries.

According to Yonhap, all six vessels will be capably capable of transporting 174,000 cubic meters of LNG, and will be delivered to the respective owners starting from the second half of 2022.

The announcement came a day after Hyundai Heavy said it has received an order in Asia for a 355 billion-won oil tanker.

So far this year, Hyundai Heavy has won orders worth $11.3 billion to build 125 vessels this year, achieving 71 percent of its annual target of $15.9 billion.

The shipbuilder said it would receive more orders, including one for two LNG carriers, as stricter environmental regulations prompt shipowners to place orders faster.

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