Hyundai LNG orders one more LNG carrier at DSME

South Korean shipping company Hyundai LNG Shipping has placed an order for an additional 174,000 cbm liquified natural gas (LNG) carrier with compatriot Daewoo Shipbuilding & Marine Engineering (DSME).

As disclosed, the ship will be built at DSME’s Okpo Shipyard and delivered to the owner in May 2024.

The contract’s worth is $198.4 million, the company revealed in its stock filling.

The vessel is scheduled to go on a long-term charter with Repsol along with the other newbuild expected for delivery by the fourth quarter of 2023.

The LNG carrier will be equipped with a natural gas propulsion engine (ME-GI) and DSME’s re-liquefaction system. The company expects that this will lead to increased fuel efficiency and lower GHG emissions compared to existing LNG carriers.

DSME has won orders for over 25 vessels worth about $2.74 billion, including extra-large crude oil carriers, extra-large LPG carriers, containerships, LNG carriers, and one wind turbine installation vessel (WTIV).

With this, the company has already achieved about 35.6 per cent of its annual target of $7.7 billion.