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Korea Shipbuilding wins 391.7 bln-won order for 3 LPG carriers

Corporate Newsroom 11:23 September 05, 2022

SEOUL, Sept. 5 (Yonhap) -- Korea Shipbuilding & Offshore Engineering Co. (KSOE), a major South Korean shipyard, said Monday it has clinched a 391.7 billion-won (US$286 million) order to build three very large liquefied petroleum gas (LPG) carriers for a Liberia-based shipper.

Hyundai Heavy Industries Co., a KSOE affiliate, will construct the 88,000-cubic-meter LPG vessels at its shipyard in the southeastern port of Ulsan, KSOE said in a regulatory filing.

The LNG carriers will be delivered to the undisclosed shipping firm in stages by the second half of 2024, KSOE said.

The contract carries an option to construct two additional LPG carriers for the shipping company, the shipyard added.

The deal came days after KSOE bagged a contract to build 45,000-cubic-meter LPG carriers for a European shipper.

According to global market researcher Clarkson Research Service, the volume of maritime LPG cargo is forecast to reach 117 million tons this year, which will rise 3 percent on-year to 121 million tons in 2023.

KSOE, a subholding company of the shipbuilding, oil refining and machinery conglomerate HD Hyundai, formerly Hyundai Heavy Industries Holdings, has three major affiliates -- Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.

This photo provided by Korea Shipbuilding & Offshore Engineering Co. on Sept. 5, 2022, shows a very large liquefied petroleum gas (LPG) carrier built by Hyundai Heavy Industries Co., one of its three affiliates. (PHOTO NOT FOR SALE) (Yonhap)


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