South Korea’s Korea Shipbuilding & Offshore Engineering Co. (KSOE) has added 2.87 trillion won ($2.21 billion) worth orders for 10 LNG carriers from unidentified shippers in Europe and Oceania regions, close to achieve its annual target of $17.44 billion in just the first seven months.
The orders are for LNG vessels capable of carrying 174,000 cubic meters of gas, the shipyard said in its disclosures on Thursday.
Eight for a European shipper will be constructed at the dockyard of Hyundai Heavy Industries in Ulsan, and two for an Oceanian shipper at the dockyard of Hyundai Samho Heavy Industries in Yeongam, South Jeolla Province.
Deliveries will be completed by the second half of 2026.
KSOE did not identify the shippers, but the orders reportedly were made as part of the Qatar LNG project.
Korea’s big three shipyards in June 2020 signed a capacity reservation pact with Qatar Petroleum (QP) that allows the state-owned petro company in Qatar to reserve construction capacity in Korean dockyards for more than 100 LNG ships through 2027.
Under the project, Samsung Heavy Industries bagged a 3.9 trillion won worth order for 14 LNG vessels last month, and Daewoo Shipbuilding & Marine Engineering for four ships.
KSOE with the latest addition has netted a combined $17.34 billion worth orders for 137 vessels so far this year to meet 99.4 percent of the annual target of $17.44 billion. Of the orders, 34 are for LNG ships, the largest among all shipbuilders in the world.
Industry experts expect KSOE to overachieve this year’s annual target as early as next week. The company last year achieved the annual target in July.
“Based on various construction experience and superior technology, the company will deliver high-quality vessels to improve the customer satisfaction,” said a shipyard official.
KSOE shares closed 0.85 percent higher at 82,800 won in Seoul on Thursday.
