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Hyundai Samho wins new LNG carrier order, cancels contract for two vessels

By LNG Prime Staff
Hyundai Samho wins order for new LNG carriers, cancels contract for two vessels
For illustration only (Image: Hyundai Samho Heavy Industries)

South Korea’s Hyundai Samho has secured a new order to build two liquefied natural gas (LNG) carriers, according to its parent KSOE. The Korean firm also reported it has canceled a previous order for two LNG carriers.

KSOE said on Friday HSHI would build two 174,000-cbm LNG carriers for an unidentified Asian owner.

The contract has a price tag of 572.4 billion won or about $463 million. This means the owner would pay more than $231 million per vessel.

HSHI would deliver the vessels by February 2025, KSOE said, but it did not reveal any additional information.

Contract terminated

In a stock exchange filling released on Thursday, KSOE announced that HSHI had canceled a contract for two LNG carriers after an African owner “failed to pay the first advance payment within the payment deadline.”

KSOE said that HSHI signed the contract worth 534.7 billion won ($446 million) on February 8 this year.

The Korean firm did not disclose additional information.

This contract is probably related to an announcement issued by KSOE on February 9, saying that HSHI would build two 174,000-LNG carriers for the same amount and deliver them to an African owner.

KSOE also said that HSHI was expected to deliver the two LNG carriers by February 2025, the same delivery window as the new order with the Asian shipping firm.

Brokers and shipbuilding sources previously said that Bono Energy had ordered these vessels in February against a time charter with Nigeria LNG’s largest shareholder NNPC.

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