Daewoo Shipbuilding tops 2021 order target

Daewoo Shipbuilding & Marine Engineering Co. exceeded its order target for this year with a $846 million contract for liquefied natural gas (LNG) tankers.

The South Korean shipbuilder said on Sept. 14 that it has won a 990 billion won ($845.5 million) order to build four 174,000-cubic-meter LNG carriers to be delivered by the second half of 2024.

The tankers are eco-friendly vessels with dual-fuel propulsion engines and advanced re-liquefaction facilities jointly developed by Daewoo Shipbuilding and German engine maker MAN. Those components help the vessels reduce emissions of greenhouse gas such as methane exhaust gas to meet stricter regulations on pollutions.

The latest order raised the value of total orders so far this year to $8 billion, 104% of its target of $7.7 billion for the entire 2021.

It was the first time for Daewoo Shipbuilding to meet an annual target since 2014 due to the industry’s severe downturn.

“We will do utmost to secure more orders since we exceeded the goal earlier,” said a company official.

Daewoo Shipbuilding has secured deals to construct 46 vessels so far this year, including 16 container ships, 11 very large crude carriers (VLCCs), nine very large gas carriers (VLGCs), six LNG carriers, two offshore plants, a wind turbine installation vessel (WTIV) and a submarine.

The company has an order backlog worth $22.2 billion, securing works for more than two years.

Write to Jung-hwan Hwang at jung@hankyung.com
Jongwoo Cheon edited this article.