K Shipbuilding Wins Order for Six Mid-Sized Petrochemical Tankers Worth 510 Billion Won

[Financial News] K Shipbuilding Co., Ltd. has won an order worth about 510 billion won for six mid-sized petrochemical tankers from shipping companies in Europe and the Middle East. With the additional work for its core vessel type, the company will maintain a stable production backlog through 2028 while strengthening its competitiveness in the eco-friendly, high-efficiency ship market.
According to the industry on the 26th, K Shipbuilding Co., Ltd. signed newbuilding contracts with shipping companies based in Europe and the Middle East for six petrochemical tankers. The order includes two 50,000-ton vessels and four 74,000-ton vessels. Two of the ships are options, and if they are exercised later, the company’s order backlog and revenue base are expected to expand further.
The vessels will be delivered to the shipowners in stages starting in the first half of 2028. K Shipbuilding Co., Ltd. plans to reduce fuel consumption and carbon emissions by applying its own hull design technology and energy-saving devices.
The 50,000-ton ships are typically classified as MR-type vessels, the mainstay of the mid-sized petrochemical tanker market. The 74,000-ton ships fall into the LR1 class, which offers greater cargo capacity and operating efficiency. Because they can transport petroleum and chemical products on a wide range of routes, they remain in steady demand from refiners, raw-material traders and specialized shipping companies.
The vessels will be built to meet Phase 3 of the International Maritime Organization's Energy Efficiency Design Index standard. A key feature is that they are designed to respond to tightening environmental regulations while making it easier to switch later to low-carbon propulsion systems using fuels such as LNG and methanol.
Designs that take future fuel conversion into account can reduce long-term investment risk for shipowners. That is because, amid uncertainty over the price and supply base of eco-friendly fuels and the direction of related regulations, they can preserve the option of future retrofits instead of immediately committing to a specific fuel.
The shipbuilding industry expects replacement demand for aging vessels and tighter environmental rules to support new orders for mid-sized petrochemical tankers. It also sees longer sailing distances, driven by the diversification of production and consumption centers for refined oil and petrochemical products, as a positive factor for vessel demand.
A K Shipbuilding Co., Ltd. official said, "This order confirms shipowners' trust in the company's accumulated construction experience and quality in the mid-sized petrochemical tanker segment." The official added, "We will deliver vessels of flawless quality and further strengthen our position as a global mid-sized shipbuilder."

[email protected] Kang Gu-gwi Reporter