Hyundai Heavy Industries Won Three VLGC Orders

- Jan 26, 2018 -

Since 2018, Hyundai Heavy Industries has received several orders in succession. In January this year, the Group's orders have hit the highest level since 2014.

 

On January 25, Hyundai Heavy Industries announced that it has signed three 84,000-cubic-meter VLGC contracts with Kuwait Oil Tankers Corporation (KOTC) for a total value of about 213.3 million U.S. dollars, each with a cost of about 71 million U.S. dollars. The new ship will start from 2019 One after another delivery.glenflange

 

This order is part of KOTC fleet renewal plan, which will increase the number of KOTC fleet to 35. Currently, KOTC's fleet operates 24 oil tankers, 4 LPG carriers and 3 Offshore Support Vessels (OSV).

 

Each of the VLGC, 229 meters long and 37 meters wide, will be built by Hyundai Heavy Industries's Ulsan Shipyard. Hyundai Heavy Industries has a clear advantage in the VLGC market for an executive at Hyundai Heavy Industries, which is the only shipyard in Korea that builds seven VLGCs a year in 2016 and 2017.

 

Since the beginning of this year, Hyundai Sanhu Heavy Industries, an affiliated shipyard at Hyundai Heavy Industries, has secured 6 orders for VLCC and VLOC and 5 orders for new ships have been obtained from Hyundai Tau Shipbuilding, another affiliated shipyard, including refined oil / chemical tankers and 1800 TEU containers ferry.glenflange

 

As of now, Hyundai Heavy Industries Group has received 14 new ship orders this year, with a total value of about 800 million US dollars. This is the highest record for orders received by Hyundai Heavy Industry since January 2014, more than four times of January 2017.

 

Hyundai Heavy Industries expects to receive more orders for LNG carriers, LPG carriers and refined oil / chemical tankers this year. Clarkson data show that of the 268 VLGCs currently operating globally, 119 are built by Hyundai Heavy Industries Group's shipyards. glenflange

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