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Hyundai Heavy wins deal for 2 LNG carriers

Seoul - Hyundai Heavy Industries Group said Monday it received an order to build two liquefied natural gas (LNG) carriers for an unidentified Asian shipping company, writes South Korea’s Yonhap news agency

Seoul - Hyundai Heavy Industries Group said Monday it received an order to build two liquefied natural gas (LNG) carriers for an unidentified Asian shipping company, writes South Korea’s Yonhap news agency.

The group said its affiliate, Hyundai Samho Heavy Industries Co., won the deal to supply two tankers with a capacity of 174,000 cubic meters of LNG. The size of the contract is estimated at US$370 million.

Hyundai said it will hand over the carriers in mid-2021. Throughout this year, the three shipbuilding arms of Hyundai Heavy Industries Group -- Hyundai Heavy Industries Co., Hyundai Samho Heavy and Hyundai Mipo Dockyard Co. -- won contracts for 145 ships worth $12.4 billion, approaching the target of $13.2 billion set for 2018.

Industry watchers said the demand for LNG carriers has been increasing recently around the globe due to China’s eco-friendly energy policy, coupled with the United States’ aggressive exports of energy products.

Hyundai Heavy Industries said the group is expected to exceed the annual target, as it is currently holding talks on other potential business deals with partners.

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