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Hyundai Heavy Industries Wins Order for 2 LNG Carriers Worth US$390 Mil.
Shipbuilding Orders Expected to Increase
Hyundai Heavy Industries Wins Order for 2 LNG Carriers Worth US$390 Mil.
  • By Michael Herh
  • May 24, 2019, 12:14
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A liquefied natural gas (LNG) carrier built by Hyundai Heavy Industries

Hyundai Heavy Industries announced on May 23 that it has won an order for two large liquefied natural gas (LNG) tankers from European shipping companies. The two ships are worth US$390 million in total, with each measuring 299 meters long, 48 meters wide and 26.6 meters tall.

Hyundai Heavy Industries' Ulsan Shipyard will build them for delivery in 2022. The company said that a high-efficiency single mixed refrigerant (SMR) facility will help the ship owner save US$1 million on fuel costs a year. The SMR facility is powered by the Mark Ⅲ Flex Plus technology which features the highest evaporation rate (about 0.07 percent).

Including the two vessels, Hyundai Heavy Industries Group has landed orders for five LNG carriers this year. Earlier this week, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries also received orders for four petrochemical carriers (PCs) and two 158,000-ton crude oil tankers (COTs), respectively, from European clients. In particular, LNG dual fuel engines to be applied to the PCs can reduce sulfur oxides (NOx) 85 percent or more, meeting the International Maritime Organization (IMO)’s environmental regulations which will be toughened beginning next year.

"Recently, we have been holding negotiations on LNG-related vessels such as LNG carriers, LNG-powered vessels, and LNG bunkering vessels as global environmental regulations will be strengthened," a Hyundai Heavy official said. "Shipbuilding orders are expected to increase thanks to the brisk U.S. energy exports, China's eco-friendly consumption policy and large-scale LNG development projects by Qatar," he added.