KSOE wins orders for 7 LNG carriers in 1 week

Korea Shipbuilding & Offshore Engineering (KSOE), a mid-level shipbuilding holding affiliate of HD Hyundai Co., has landed successive orders for gas carriers in the new year.

The company on Friday said it recently signed a contract worth 240.8 billion won ($195 million) to build two very large liquefied petroleum gas (LPG) carriers each covering 88,000 cubic meters with a shipping company based in Africa.

This was KSOE's seventh straight order for a gas carrier secured within a week. The company on Monday closed a deal to build three liquefied natural gas carriers and another on Wednesday to construct two.

Its latest order is for two LPG carriers each measuring 230 meters long, 32.2 wide and 23.85 tall. The vessels will be built at Hyundai Heavy Industries' shipyard in Ulsan and delivered to the buyer in stages by the first half of 2026.

This vessel can transport ammonia, which is considered a next-generation eco-friendly energy source.

In September last year, the shipbuilding and marine market analysis agency Clarkson Research Service predicted orders for 54 LPG carriers in the world this year, up from 40 last year.

This month alone, KSOE has won orders for eight ships worth a combined $1.5 billion.

"We will accelerate the development of gas carrier technology and lead the sector for next-generation eco-friendly vessels such those carrying ammonia and carbon dioxide," a company source said.

Write to Seo-Woo Jang at suwu@hankyung.com