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HHI Group Receives USD 1.13 Bn Orders for Six LNG Carriers

HHI Group Receives USD 1.13 Bn Orders for Six LNG Carriers
South Korean shipbuilder Hyundai Heavy Industries (HHI) Group has secured new orders worth KRW 1.32 trillion (USD 1.13 billion) for the construction of six liquefied natural gas (LNG) carriers.

Under the first contract, four 174,000 cbm LNG carriers will be built by HHI’s Hyundai Samho Heavy Industries for an unnamed European company.

The newbuild quartet, which has a combined worth of KRW 877 billion, will be delivered to its owner by the end of 2022, the shipbuilding group said in a stock exchange filing on December 19.

The second order, also unveiled on December 19, includes two 174,000 cbm vessels. The KRW 438.5 billion contract was placed by an undisclosed Asian shipowner.

To be built at HHI dockyard, the ship pair is scheduled for delivery by the end of October 2022.

As informed, all six vessels will feature a length of 299 meters and a width of 46.4 meters.

They will have dual-fuel propulsion engines that will increase the vessels’ fuel efficiency and reduce their greenhouse gas footprint, HHI said.

In just four days, HHI Group inked shipbuilding deals for fourteen new vessels — three shuttle tankers, two LPG ships, two crude carriers and one product carrier.

As a result, the group has so far this year won orders for a total of 125 ships, amounting to USD 11.3 billion. HHI revealed it reached 71 percent of its annual order target of USD 15.9 billion.

According to an official of HHI, shipowners’ interest in new vessels is rising ahead of the entry into force of new environmental regulations introduced by the International Maritime Organization (IMO). HHI is currently in negotiations for several more deals.

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