HHI to Supply Vitol with Very Large LPG Carriers

Hyundai Heavy Industries announced on July 30 that it recently signed a contract to supply two 84,000 cubic meter LPG carriers to Vitol. The total value of the contract reaches US$600 million when six optional vessels are included.

The two LPG carriers are scheduled to be built in Ulsan and delivered in the first half of 2019. They come with the most advanced energy-saving technology and fuel-saving structures as well as a scrubber that can satisfy sulfur oxide regulations.

Vitol, a global leading energy company, is currently running about 250 ships. Still, this is the first time that it placed an order for a very large LPG carrier. The company is planning to transport LPG on its own although it has done so by chartering so far.

As a leader in the global shipbuilding industry, Hyundai Heavy Industries has built and delivered approximately 200 very large LPG and LNG carriers and the like to ship owners in various countries. At present, the Hyundai Heavy Industries Group has a total of 28 options and letters of intent in the field of gas carriers, which are worth US$3.7 billion in total and consist of 12 LNG carriers, two LNG floating storage regasification units (FSRUs) and 14 LPG carriers. The three shipbuilding subsidiaries of the group have signed contracts for 81 ships worth US$4.5 billion since the beginning of this year, increasing the number of ships more than five-fold from a year ago.