KSME Wins Orders For Two Crude Oil Carriers Worth KRW 153 Billion

Korea Shipbuilding & Marine Engineering, the midship holding company of Hyundai Heavy Industries Group, succeeded in winning orders for two large crude oil carriers. Korea Shipbuilding & Marine Engineering announced on the 23rd (Fri) that it recently signed a contract with Sonangol, an Angola state-run oil company, for a total of KRW 153 billion worth of 158,000 ton (Suezmax) large crude oil carriers.

The ship that was ordered this time is 274 meters long, 48 meters wide and 23.2 meters high, and is equipped with a nitrogen oxide reduction device (SCR) to respond to environmental regulations.

The ship will be built by Hyundai Samho Heavy Industries and will be delivered to ship owners sequentially from the first half of 2023.

159,000 ton class crude oil carrier built by Hyundai Heavy Industries
Image Credits: hshi.co.kr

According to Clarkson Research, an analysis agency for shipbuilding shipping market, the global crude oil offshore traffic volume is expected to increase by about 4% annually after recording 18.51 billion tons in 2020, reaching 19.15 billion tons in 2021 and 19.92 billion tons in 2022.

An official from Korea Shipbuilding & Marine Engineering said, “As the market conditions are recovering in earnest, such as an increase in international oil prices and an increase in cargo volume, inquiries are continuing across a variety of ship types.” “We will lead the market based on advanced technology and quality.”

Reference: hshi.co.kr

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