![Korea Shipbuilding & Marine Engineering, the holding company of Hyundai Heavy Industries Group, succeeded in winning orders for 10 vessels worth a total of 822 billion won. The photo shows VLCC built by Hyundai Heavy Industries. [사진 제공 = 한국조선해양]](https://i0.wp.com/file.mk.co.kr/meet/neds/2021/03/image_readtop_2021_246501_16158087184573972.jpg?w=560&ssl=1)
Korea Shipbuilding & Marine Engineering, the holding company of Hyundai Heavy Industries Group, succeeded in winning orders for 10 vessels worth a total of 822 billion won. The photo shows VLCC built by Hyundai Heavy Industries. [사진 제공 = 한국조선해양]The momentum of the three domestic shipbuilders (Korea Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering) is fierce. This year, orders received in two and a half months alone amounted to 9.5 trillion won (91 vessels). It is more than four times more than last year’s first quarter results (2,136 billion won). As expectations for a global economic recovery are growing, the’order rally’ of these three companies is expected to continue for the time being. On the 15th, Hyundai Heavy Industries Group’s shipbuilding holding company, Korea Offshore & Shipbuilding, announced that it has signed contracts to build 10 ships, including VLCC, with four overseas shipping companies in Europe and Africa. The contract size is 823 billion won. Among them, options (additional orders) are included in contracts for ultra-large and medium-sized liquefied petroleum gas (LPG) carriers.
The VLCC and ultra-large LPG carriers ordered this time will be built at Ulsan Hyundai Heavy Industries and Hyundai Samho Heavy Industries in Yeongam, Jeollanam-do, respectively, and the medium-sized LPG carriers and petrochemical product (PC) carriers will be built at Ulsan Hyundai Mipo Shipbuilding and Hyundai Vietnam Shipbuilding, respectively. Ships are scheduled to be delivered sequentially from the second half of next year. In particular, LPG dual-fuel propulsion engines are installed on extra-large and medium-sized LPG carriers, and scrubbers (exhaust gas reduction devices) are mounted on VLCCs.
An official from Korea Shipbuilding & Marine Engineering said, “The demand for LPG and LNG carriers is increasing in line with the global eco-friendly policy stance.” Korea Shipbuilding & Marine Engineering’s order amount this year is KRW 4.998 trillion (56 vessels). This is 30% of this year’s order target ($14.9 billion).
The performance of orders from Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering is also striking. On the 9th, Samsung Heavy Industries won orders for five container ships for 800 billion won. The order amount after the beginning of the year was 2.73 trillion won (19 vessels), showing a 31% achievement rate compared to this year’s target (7.8 billion dollars) proposed at the beginning of the year. Daewoo Shipbuilding & Marine Engineering also won an order for 10 VLCCs worth 1.1 trillion won on the 11th. The annual order amount including this is KRW 1.77 trillion (16 vessels), and the achievement rate is 20%. These orders have improved significantly compared to the same period last year. Lee Dong-heon, a researcher at Daishin Securities, said, “We are adding to the order of tanker ships due to the rise of international oil prices as well as container ships.” “After the Ramadan period (April 21 to May 12), orders for LNG carriers from Qatar are also expected.” did.
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