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South Korean Shipbuilders Showing Fast Progress in Business

Korea Shipbuilding & Offshore Engineering announced on July 14 that it has signed 911.2 billion won contracts with Bermudian and European shipping companies to supply four very large LNG carriers.

Each of the ships is likely to be 299 m in length, 46 m in width and 26 m in height. Hyundai Heavy Industries Ulsan and Hyundai Samho Heavy Industries will equally divide the labor and the complete delivery is scheduled for the second half of 2025.

This year, Korea Shipbuilding & Offshore Engineering signed a total of 163 contracts with a combined value of US$14.8 billion, 99 percent of its goal for this year. The company and Maersk are currently discussing the building of a methanol-fueled container ship, which means the company may be able to meet its target this month.

Daewoo Shipbuilding & Marine Engineering announced the same day that it signed a 725.3 billion won contract with North Oil Company in Qatar to supply a fixed platform. The platform is to increase crude oil production in the Al Shaheen Oil Field, the largest oil field in Qatar.

Daewoo Shipbuilding & Marine Engineering concluded a 1.1 trillion won FPSO contract in June as well. This year, the company won two or more FPSO contracts for the first time in eight years.

This year’s performance of Daewoo Shipbuilding & Marine Engineering includes 16 container ships, 11 very large crude carriers, nine very large LPG carriers, one LNG carrier, one wind turbine installation vessel, and the two offshore plants. The combined value is US$6.13 billion, about 80 percent of its goal for this year.

Samsung Heavy Industries signed a deal with a shipping company in Oceania on July 5 to deliver three 180,000 cubic meter LNG carriers for 654.5 billion won. Its performance for this year is currently 51 ships and US$6.5 billion with its goal set at US$9.1 billion. The 51 are divided into six LNG carriers, 38 container ships and seven crude carriers.
Source: Business Korea

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