Samsung Heavy bags $414 mn order to build 4 LNG-fueled VLCCs – Pulse by Maeil Business News Korea – Pulse News

[Photo provided by Samsung Heavy Industries Co.]

[Photo provided by Samsung Heavy Industries Co.]

South Korea’s Samsung Heavy Industries Co. has won a 458.7 billion won ($414.4 million) deal to build four liquefied natural gas (LNG)-powered very large crude carriers (VLCC) for a shipping line based in Oceania, clinching orders worth over 1 trillion won within a week.

Samsung Heavy Industries said in a disclosure on Thursday that it received a 458.7-billion-won order from an unnamed shipping company based on Oceania to build four units of VLCC powered by environmentally-friendly LNG. The Korean shipbuilder plans to deliver the four vessels in phases by June 2023.

Shares of Samsung Heavy Industries were trading 0.92 percent down at 6,450 won on Friday.

With the latest orders, Samsung Heavy Industries won orders to build total nine LNG-fueled vessels including five container ships within a week. Earlier this week, the shipbuilder won an order to build five LNG-powered container vessels with an option to build five more ships, which could raise the total value of orders to 2 trillion won.

The ships will be applied with environmentally-friendly technology that meets marine fuel standards such as lower sulfur content and carbon dioxide emissions set by the International Maritime Organization.

They will also be loaded with Samsung Heavy Industries’ self-developed LNG fuel supply system for high-pressure gas-diesel engine ME-GI for LNG use. Because Samsung Heavy Industries is now capable to build fuel supply system, a core technology for LNG power, for both low-pressure gas-diesel engine X-DF and high-pressure gas-diesel engine ME-GI, it towers above others in the green vessel industry. The gas-diesel engine of the world’s LNG-powered vessels are dominated by ME-GI and X-DF engines.

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According to U.K. shipping industry data provider Clarkson Research Services, Samsung Heavy Industries has won 26 of the world’s 46 LNG-fueled VLCC orders, taking up 57 percent of total market. In April last year, the company already proved its technological prowess after it won an order to build two of the world’s first LNG-powered VLCCs.

By Lee Yu-sup and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea &, All rights reserved]


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