KSOE wins $609 million worth of deals for seven newbuilds

South Korean shipbuilding heavyweight Korea Shipbuilding & Offshore Engineering (KSOE) has won orders for a total of seven ships worth KRW 691 billion ($609 million).

The announced deals will see Hyundai Samho Heavy Industries, KSOE’s shipbuilding arm, build three very large gas carriers (VLGCs) worth KRW 247.7 billion ( $242 million). The ships are scheduled for delivery in April 2023.

The order has been assigned to an unnamed contractor from Africa.

Separately, Hyundai Heavy Industries Co. has won an order for four very large crude carriers (VLCCs) worth KRW 416.3 million ( $367.1 million).

The order was placed by a European-based company, according to a stock exchange filing.

The newbuilds are slated for delivery by February 2023.

The order is being placed on the back of last week’s orders for four container vessels, amounting to KRW 568.1 billion.

Two newbuilds are expected to be handed over by 30 May 2023 and another two by 30 November 2023.

KSOE’s Hyundai Mipo brand has also seen an uptick in new ordering. Just last month the company secured a $500 million RoRo order from the Italian shipowner Grimaldi Group.

The new G5- class ships will be able to transport 4,700 linear meters of rolling freight, 2,500 car equivalent units and 2,000 TEU.

The six ships are expected to be delivered between the first months of 2023 and the end of 2024.

It has been a good first quarter of the year for KSOE, as orders keep pouring in amid demand rebound following a major slowdown in ordering last year due to the impact of the pandemic.

According to South Korean media reports, the shipbuilding major has secured orders for a total of 56 vessels so far this year, amounting to $4.4 billion.

As reported earlier, KSOE has set a target of $14.9 billion for this year, upping the ante from last year’s $ 11 billion.