KSOE reveals orders for seven LNG carriers worth $1.36 billion

South Korea’s shipbuilder Korea Shipbuilding & Offshore Engineering has revealed new orders to build seven LNG carriers for 1.56 trillion won ($1.36 billion).

KSOE’s unit Hyundai Heavy Industries will build three vessels while Hyundai Samho will construct four ships, the firm said in three separate filings to the stock exchange.

Hyundai Heavy will build the three carriers for 678 billion won ($588.7 million) and deliver them to an Asian owner by the end of 2024.

Moreover, Hyundai Samho will deliver two LNG carriers to a European company by the end of March 2024. This deal has a price tag of 462.7 billion won ($401.5 million).

Hyundai Samho also won a 420.7 billion won ($365 million) contract to build two LNG carriers for a Liberia-based firm. The yard will deliver these vessels by August 2024.

With the latest orders, KSOE has won in total $16.8 billion in orders for 176 vessels and two offshore plants this year. The firm has achieved 113 percent of its annual order target of $14.9 billion.

KSOE did not reveal any additional info on the new orders.

The new orders follow an announcement by Shell saying it had agreed long-term charter contracts for six 174,000-cbm newbuild LNG carriers with Knutsen, Pan Ocean, and investors advised by J.P. Morgan Asset Management.

Shell said Hyundai Heavy Industries and Hyundai Samho would build these vessels and start delivering them from 2023.

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