On Nov 17, KSOE, a shipbuilding arm of the Hyundai Heavy Industries Group, announced that it had clinched an order from an Oceania-based shipping company for 10 300,000-ton very large crude carriers (VLCCs). The contract has a value of approximately 985.7 billion won.

So far this year, KSOE has secured a total of 85 ships worth US$6.3 billion, achieving 57.3 percent of its US$15.7 billion annual order target. 21 of the 30 VLCCs ordered globally in 2020 have been secured by it.

Samsung Heavy Industries has also said it has won an order from an Oceania-based shipping company for three S-Max oil carriers worth 194.6 billion won.

S-Max refers to the largest ship with loaded cargo that can pass through the Suez Canal. An S-Max vessel weighs between 125,000 and 200,000 tons. By January 2023, these vessels will be shipped sequentially. The contract includes the possibility of two additional vessels being constructed.

On November 13, Daewoo Shipbuilding & Marine Engineering (DSME) landed an order from a European customer for six container ships worth 722.6 billion won. This marked the first container ship order won in 2020 by Korean shipbuilders. To date, DSME has booked 19 orders worth US$3.95 billion, 55 percent of its US$7.21 billion target for the year.

US $900 million is the total order number. In late August, ADNOC L&S reportedly sent proposals for bids to eight firms, including Korean shipbuilders. Korean shipyards are inspired by the first consideration of the liquefied natural gas (LNG)-powered system for the VLCCs by ADNOC L&S.

Maritime Business World