K-Ships in a 'Relay of Orders'... Win 1.5 Trillion Won in a Single Day

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[The Financial News] HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HDKSOE), Hanwha Ocean Co., Ltd. and Samsung Heavy Industries, the country's top three shipbuilders, won orders worth 1.5 trillion won in a single day as they secured a series of high-value vessels. As orders continue to focus on profitable ship types such as gas carriers and liquefied natural gas (LNG) infrastructure, expectations of a supercycle are growing across the industry.
HDKSOE announced on the 4th that it recently won an order from KSS Line Ltd. for three very large gas carriers (VLGCs) worth a total of 504.8 billion won. The ships will be built by HD Hyundai Heavy Industries and delivered by 2029. Including this deal, HDKSOE's cumulative orders this year have reached 86 vessels worth $9.35 billion, or about 13.76 trillion won. That accounts for 40.1% of its annual target of $23.31 billion.
On the same day, Hanwha Ocean announced that it had won an order for three very large ammonia carriers (VLACs) from a shipowner in Africa. The total contract value is 504.7 billion won. With this deal, Hanwha Ocean's order tally for ammonia carriers has risen to 10 vessels. The company is rapidly expanding its presence in the market for transporting ammonia, which is considered a next-generation eco-friendly fuel.
It is also working to secure technological competitiveness. In 2022, Hanwha Ocean obtained approval in principle (AIP) for an ammonia carrier from Bureau Veritas (BV) and Lloyd's Register (LR). Last year, it also began developing a 150,000-cbm ultra-large ammonia carrier with the Korean Register of Shipping (KR). The move is seen as a preemptive response to the era of carbon-free ships.
Samsung Heavy Industries also said it won an order for one floating storage and regasification unit (FSRU) from an Asian shipowner for 484.8 billion won. An FSRU is a floating facility that stores and regasifies liquefied natural gas, and is often called an 'LNG terminal at sea.'
A Samsung Heavy Industries official said, "As demand for energy infrastructure continues to grow, FSRUs are one of the most practical options." The official added, "Based on our competitiveness across the LNG value chain, we will step up our push into global markets."
hoya0222@fnnews.com Kim Dong-ho Reporter