K Shipbuilding nets $175 million order for four LNG-ready tankers from Al Seer Marine

Al Seer Marine, a unit of Abu Dhabi-based International Holding Company, has placed an order for four LNG-ready product tankers worth about $175 million at South Korea’s K Shipbuilding.

According to a statement by parent IHC, K Shipbuilding would build the four new medium-range (MR) IMO II/III product tankers at Jinhae Shipyard and deliver them before the end of the fourth quarter of 2024.

“In anticipation for the impending regulatory changes these tankers will be LNG-ready and are being designed to be potentially ready to adapt to new fuels such as ammonia and methanol,” the statement said.

With this order, the Al Seer Marine fleet would total 12 vessels as the company prepares to transport the transition fuels like methanol, IHC said.

On the other hand, financially troubled STX Offshore & Shipbuilding rebranded last year as K Shipbuilding after KH Investment and Uamco took over the management of the shipbuilder from the state-owned Korea Development Bank.

In September, Seaspan, a unit of Atlas Corp, said that contracts for four LNG-powered containerships had become “null and void” after the shipyard did not fulfil certain conditions.

Seaspan did not reveal the name of the yard but sources said that the firm ordered these 7,700-teu ships at K Shipbuilding for charter to MSC.

K Shipbuilding secured an approval in principle in June from classification society LR for a 7,700-teu LNG-powered containership.

The design features a 6,800-cbm LNG tank with GTT’s Mark lll Flex containment system.

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