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KSOE Bags Orders Worth 1.3 Tril. Won in One Week

A 318,000-ton VLCC built by Hyundai Heavy Industries is in test operations.

Korea Shipbuilding & Offshore Engineering (KSOE), a holding company of Hyundai Heavy Industries Group’s shipbuilding business, are enjoying brisk orders at the beginning of the year.

KSOE has recently signed a contract with a European shipping company to build two 300,000-ton very large crude carriers (VLCCs) worth about 200 billion won, the company said on Jan. 12.

As a result, KSOE booked orders for 11 vessels worth about 1.3 trillion won, including six super container ships, one LNG carrier, one LPG ship, one PC, and two VLCCs, in a week since its first order of the on Jan. 5.

The two most recently awarded VLCCs will be 330 meters long, 60 meters wide, and 29.7 meters tall. They will have scrubbers to respond to environmental regulations. A dockyard of Hyundai Heavy Industries in Ulsan will be tasked with the shipbuilding work. They will be sequentially delivered to the client starting in the first half of 2022.

Clarkson Research, a market analysis agency on shipbuilding and shipping, predicted in September 2020 that global orders for VLCCs will amount to 43 units per year on average from 2021 to 2025.

In 2020, KOSE landed orders for 27 VLCCs, accounting for 65 percent of the global total of 41 units.
Source: Business Korea

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