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Samsung Heavy Industries inks LNG-fuelled VLCC duo deal worth USD 209.2 million

15 Apr 2020

Korean shipbuilder Samsung Heavy Industries (SHI) on Tuesday (14 April) revealed in its regulatory filing that it has closed a deal worth a total of USD 209.2 million (KRW 253.6 billion) with a Bermuda Islands based ship owner to build two LNG-fuelled VLCCs which will be delivered by April 2022.

Equipped with S-Fugas, an LNG fueling system independently developed by SHI, these vessels will comply with IMO 2020 which took effect early this year and reduce the emission of SOx by 99%, NOx by 85% and carbon dioxide by 25% compared to diesel fuel, says the company. 

SHI notes that other in-house developed cutting-edge technologies, such as Energy Saving Devices (ESDs), which enhance fuel efficiency by improving rotational energy efficiency of propellers while operating, and SVESSEL, a smart ship solution, will be applied to the newbuildingsas well.

To respond to rising demand for cleaner emission ships in the wake of IMO 2020, SHI says it has developed a competitive edge in LNG-fuelled vessels by adopting LNG fuel tanks and engines in different forms and materials as ME-GI and X-DF since 2012.

“We see increasing demand for LNG-fueled VLCCs on top of that for S-max and A-max tankers powered by LNG,” says a company official. 

“SHI aims to take more opportunities to come as we have predominated the market with the advancement of technologies.” 

Photo credit:
Jonathan Holmes
Published: 15 April, 2020

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