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Order book of Korean shipbuilders fatter than full 2020 by May this year

South Korean shipyards have brought home more orders than the full year of 2020 in the first five months as their order book gets fatter and fatter amid fast migration to cleaner-fuel sea transport.

Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity of Hyundai Heavy Industries Group, has added 1.36 trillion won ($1.23 billion) worth orders for 12 vessels from five shippers in Oceania, Europe and Africa on May 28 and 31.

The orders are to build four large LNG carriers, two LPG carriers for 86,000 cubic meters of gas, one LPG carriers for 40,000 cubic meters, four product carriers for 50,000 tons and one LNG carrier for 30,000 cubic meters, according to the company on Tuesday.

KSOE will build four LNG ships at the dockyard of Hyundai Heavy Industries in Ulsan to deliver the ships by the first quarter of 2024. Two units of ultra-large LPG carriers to be equipped with a dual engine for higher fuel efficiency and reduced greenhouse gas emissions will also be built at the Ulsan dockyard for delivery by the first half of 2024.

The orders for smaller LNG ship, cargo carriers and LPG vessel will be carried out a yard of Hyundai Mipo Dockyard for completion of delivery by the second half of 2023.

With the latest contracts, KSOE has secured total $10.8 billion worth orders for 122 vessels so far this year, achieving 72 percent of its yearly target of $14.9 billion for this year and exceeding last year’s full-year record of $9.4 billion.

Global ship orders placed so far this year reached 17.95 million CGT, or 83 percent of 21.5 million CGT record of last year, according to British shipbuilding and marine industry tracker Clarkson Research Services.

Another shipbuilding major Samsung Heavy Industries Co., announced on the same day that it has won a 529 billion won deal to build four 13,000 twenty-foot equivalent unit (TEU) container vessels from an Asian shipper.

The ships to be equipped with selective catalytic reduction system and ballast water treatment system will be delivered to the client by February 2024.

A day earlier, the company added a 417 billion won order for two LNG carriers from an Oceanian shipper for delivery by July 2024.

Samsung Heavy Industries so far this year has clinched a total of $5.9 billion orders for 48 vessels, achieving 65 percent of its yearly target and also exceeding last year’s full-year order volume of $5.5 billion worth.

KSOE shares closed 4.21 percent higher at 148,500 won in Seoul trading on Tuesday, and Samsung Heavy Industries 5.29 percent up at 6,370 won.
Source: Pulse

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