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Korea’s Hyundai Heavy wins $740 mn Greek LNG carrier quartet

Greek LNG carrier, Hyundai Heavy
Photo provided by Hyundai Heavy Industries Co.

South Korea’s largest shipbuilder Hyundai Heavy Industries (HHI) Tuesday announced it has won a contract to build four liquefied natural gas (LNG) carriers for Capital Gas Carrier Corp., owned by Greek company Evangelos Marinakis.

The deal is worth $740 million and the contract includes an option for additional orders of up to three ships in the future. The LNG carriers with 174,000 cubic meters in size are expected to be sequentially delivered from the second half of 2020, HHI said.

HHI shares fell 1.45 percent to close at 95,200 won ($84.08) on Wednesday in Seoul.

The vessels will be equipped with the industry’s most efficient single mixed refrigerant (SMR) equipment which converts evaporated gas from the ship to liquid. This equipment can help the shipowner save $1 million on fuel each year.

Hyundai Heavy Industries and its two sister shipbuilders have clinched deals to build 13 LNG carriers so far this year.

The number of LNG and non-LNG carriers in their combined backlogs amount to 26, with a total ship order backlog of 91 vessels worth $7.8 billion, about 60 percent of their target for this year.

The Original Posted By Woo Je-yoon and Minu Kim