April 27, 2024

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A 200,000 cubic meter-sized liquefied natural gas carrier built by Hyundai Heavy Industries goes for a test drive. (KSOE)

South Korea’s top shipbuilder Korea Shipbuilding & Offshore Engineering said Tuesday it has landed its first contract of the year worth 971 billion won ($784 million).

The company said it sealed the deal with a shipping company in Oceania to build three large liquefied natural gas carriers, each measuring 200,000 cubic meters in size.

The company declined to reveal the name of the client, citing contract conditions.

The carriers will be manufactured by Hyundai Heavy Industries, one of its three affiliates headquartered in Ulsan, beginning in early 2026 and then delivered consecutively to the shipping company.

Through the deal, KSOE will be the first multinational shipbuilder this year to receive orders for LNG vessels. Since 2017, it has led the global market by attaining the most contracts for these ships annually.

In September, global market tracker Clarksons Research Service predicted the world’s LNG ship orders to reach 83 this year.

“Since the start of the new year, we have been continuously receiving inquiries regarding LNG carriers. We will focus on maximizing the profitability of our eco-friendly, high-value ships,” a KSOE official said.

KSOE is the world’s largest shipbuilder and a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai. The company owns three subsidiaries – Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries.

By Yu Ji-soo (jisooyu123@heraldcorp.com)