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KSOE wins $609 million worth deals for seven vessels

KSOE wins $609 million worth deals for seven vessels

Korea Shipbuilding & Offshore Engineering (KSOE) has issued orders for seven ships totaling KRW 691 billion ($609 million).

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Three very large gas carriers (VLGCs) worth KRW 247.7 billion ( $242 million) will be built by Hyundai Samho Heavy Industries, KSOE's shipbuilding arm.

The ships will be launched in April of 2023. The order has been given to an unidentified African contractor.

Separately, Hyundai Heavy Industries Co. has been awarded a contract worth KRW 416.3 million ($367.1 million) for four very large crude carriers.

According to a stock exchange filing, the order was imposed by a European company. The newbuilds are scheduled to be finished in February 2023.

The order comes on the heels of four container vessel orders worth KRW 568.1 billion placed last week.

New orders for KSOE's Hyundai Mipo brand have also improved. The Italian shipowner Grimaldi Group recently placed a $500 million RoRo order with the firm.

The latest G5-class ships will have a towing capacity of 4,700 linear meters, 2,500 car equivalent units, and 2,000 TEU.

KSOE has had a strong start to the year, with orders starting to pour in as demand starts picking up after a significant slowdown last year due to the pandemic's effects.

According to South Korean media sources, the shipbuilding giant has received orders for 56 vessels worth $4.4 billion so far this year.

Maritime Business World 

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