South Korean shipbuilding giant Korea Shipbuilding & Offshore Engineering (KSOE) has secured contracts worth KRW 525 billion (about $376 million) to build eight vessels.

Courtesy of KSOE

On September 19, 2022, KSOE said it had signed agreements with two African shipping companies to build four container ships powered by liquefied natural gas (LNG) as well as four petrochemical carriers. The shipbuilder did not disclose the names of the African shipowners.

The first contract, worth KRW 286.6 billion, includes four LNG-powered 1,400 TEU boxships and two options.

The container ships will be 170 meters long and 27.6 meters wide. Scheduled to be built at the Hyundai Mipo shipyard in Ulsan, they should be delivered sequentially from the first half of 2025. These units will be equipped with LNG dual-fuel propulsion engines comply with the reinforced environmental regulations of the International Maritime Organization (IMO), whose implementation is planned for 2023.

The second order unveiled on September 19 by KSOE, worth KRW 238.4 billion, includes four 50,000-ton petrochemical tankers.

The vessels will be built by Hyundai Mipo Dockyard Hyundai Vietnam Shipbuilding unit and handed over to their owners by November 30, 2025.

When completed, they will be 183 meters long and 32.2 meters wide.

KSOE’s announcement coincided with another order from Hyundai Mipo. Singapore-based Eastern Pacific Shipping (EPS) has booked four 1,400 TEU LNG-powered container ships at the aforementioned shipyard. The vessels, also scheduled for delivery in 2025 and worth $205.6 million, will be chartered from US shipping and logistics company Crowley.

So far in 2022, KSOE has won $20.35 billion in orders to build 176 vessels, exceeding its annual order target of $17.44 billion.

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