Home / Shipping News / Shipbuilding News / KSOE wins $335 mn LNG-FSRU order, DSME $1.3 bn orders for 6 LNG tankers

KSOE wins $335 mn LNG-FSRU order, DSME $1.3 bn orders for 6 LNG tankers

South Korean shipbuilders continue to reap orders related to gas fuel to outperform their annual target on a boon from global energy instability.

Korea Shipbuilding & Offshore Engineering (KSOE) Co., interim shipbuilding holding company of Hyundai Heavy Industries Group, announced Wednesday that it won an order from U.S. Excelerate Energy Inc. to build one 170,000 cubic meter liquefied natural gas-floating, storage, re-gasification unit (LNG-FSRU) vessel for 475.7 billion won ($334.8 million). The vessel will be built at HHI shipyard in Ulsan, Korea, for delivery by 2026.

A FSRU is a special vessel that vaporizes LNG offshore for land supply. KSOE won this year’s offshore facility this year amid growing interest in the vessel to cope with LNG supply in Europe affected by Russia-Ukraine war.

According to British shipbuilding and marine industry tracker Clarkson Research Services, 12 percent of global LNG imports are currently supplied via FSRU.

“We expect to win more orders given steady inquiries about LNG-FSRU due to LNG supply issues from Europe,” said an unnamed KSOE official.

Shares of KSOE were trading 0.13 percent lower at 76,100 won on Wednesday morning.

Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Tuesday said it has added orders for six LNG carriers to surpass its annual order target for two years in a row.

DSME announced that it won orders from an Asia-based ship owner to build two LNG carriers and Europe-based ship owner to build four LNG carriers for total 1.85 trillion won. The vessels will be delivered to the owners by the end of 2026.

DSME did not disclose the owners that placed the orders but they are speculated to be related to the large-scale LNG carrier order from Qatar.

DSME has secured the largest number of 19 vessel orders from the Qatar project.

DSME has secured $9.4 billion worth of orders so far this year, surpassing its annual target of $8.9 billion for a second year in a row. Orders include 34 LNG carriers, six container vessels, and one offshore plant.

DSME shares were trading 1.79 percent higher at 19,900 won on Wednesday morning.
Source: Pulse

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