Hanwha Ocean secures $413 million shipbuilding deal

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Hanwha Ocean secures $413 million shipbuilding deal

Published: 02 Oct. 2024, 17:13

LEE JAE-LIM
lee.jaelim@joongang.co.kr

A LNG-FSRU built by Hanwha Ocean [HANWHA OCEAN]

Hanwha Ocean, a major Korean shipbuilder, secured 545.5 billion won ($413 million) contract with a shipowner Asia for a premium liquefied natural gas (LNG) carrier, it said through an electronic disclosure on Wednesday.

The liquefied natural gas floating storage and re-gasification unit, or LNG-FSRU, is a specialized vessel that can supply natural gas without requiring substantial investments in large-scale facilities such as onshore terminals.

The market price of an LNG-FSRU exceeds $400 million, making it about $150 million more expensive than a general LNG carrier priced around $265 million.

Hanwha Ocean successfully secured and delivered a 173,400-cubic-meter (6,123,563-cubic-foot) LNG-FSUR, the world’s largest at the time, in 2011. In December 2013, it broke the record again by delivering a 263,000-cubic-meter LNG-FSRU.

The Korean company has built 12 out of the 41 premium LNG carriers currently operating worldwide, accounting for the largest portion of global market share at 30 percent, according to market researcher Clarkson Research Service.

Hanwha Ocean has accumulated orders for a total of 31 vessels this year amounting to $6.1 billion. The amount exceeds last year’s total order volume of $3.52 billion.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]