KSOE Leads LPG Vessel Orders With 61% Market Of 2021 So Far

Korea Offshore & Shipbuilding, the midship holding company of Hyundai Heavy Industries Group, succeeded in winning an order for 6 ships worth a total of KRW 348 billion.

Korea Offshore & Shipbuilding has recently launched a 91,000 cubic meter (m³) LPG ship, one 86,000 cubic meter (m³) LPG ship, two 50,000 ton PC ships, with shipping companies located in Liberia, Asia and Oceania.

The LPG vessels ordered this time will be built at Hyundai Samho Heavy Industries in Yeongam, Jeollanam-do and delivered to shipowners sequentially from the first half of 2023.

KSOE Wins Order For Two Dual-Fuel LPG Ships
Image Credits: hshi.co.kr

These ships are eco-friendly ships equipped with LPG dual-fuel propulsion engines and can respond to the stricter regulations on sulfur oxide emissions from the International Maritime Organization (IMO) without the need for a scrubber, an exhaust gas reduction device.

According to Clarkson Research, an analysis agency for shipbuilding and shipping market conditions, there are 59 LPG vessels ordered worldwide this year, and Korea Offshore & Shipbuilding is leading the market by winning orders for 36 vessels, which is approximately 61%. As of May, orders for LPG ships around the world are 14 more than LPG ships (45) ordered in the past year.

The two PC ships and two small container ships that Korea Shipbuilding & Marine Engineering received this time will be built at Hyundai Vietnam Shipbuilding and Hyundai Mipo Shipbuilding, respectively, and will be delivered from the second half of 2022. These ships are equipped with a nitrogen oxide reduction system (SCR).

An official from Korea Shipbuilding & Marine Engineering said, “As the global economy has entered a recovery phase, inquiries for order receipts are continuing across various ship types. ”

Reference: hshi.co.kr

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