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Korean shipbuilding industry receives record number of LNG powered newbuilding orders

07 Jan 2021

Korea Shipbuilding & Offshore Engineering, an affiliate of Hyundai Heavy Industries Group, has reportedly cinched a 900-billion-won (USD 827 million) contract to build six 15,000 TEU container ships powered by liquified natural gas (LNG) over the new year. 

Out of the six vessels, four will be manufactured by Hyundai Heavy Industries and two by Hyundai Samho Heavy Industries. Deliveries are expected to begin in the first half of 2023.

These vessels will be equipped with LNG fuel tanks that will be large enough for the vessels to sail between destinations in Asia and Europe without being refuelled.

Korea Shipbuilding & Offshore Engineering, meanwhile, reportedly claims to have an order backlog of 50 LNG powered ships — the largest in the industry.

The Export-Import Bank of Korea’s research center pointed out in its October report that vessels ordered in 2021 will mostly consist of orders complying with greenhouse gas emissions regulations and have a positive impact on the Korean shipbuilding industry.

Photo credit: Canva
Published: 7 January, 2021


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