Hyundai Wins New Order for LNG Vessel

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has won an order for a 174,000 cbm liquefied natural gas (LNG) carrier.

With the latest contract with a Greek shipowner, the shipbuilder has secured five orders in two weeks, worth a total 700 billion won ($616 million).

According to HHI, the latest LNG carrier newbuild will be equipped with a Hi-ALS air lubrication system on the bottom of the hull to improve fuel consumption. The air lubrication system is expected to cut fuel consumption by eight percent.

A report in Korea Times, earlier this month, Hyundai Heavy won orders to build an LNG carrier from a Japanese shipping company, followed by a contract to build an LPG carrier from a Korean shipping company and a contract to build two oil tankers for a Greek company.

Clarksons Research, the volume of new orders of compensated gross tonnage (CGT) rose 14 percent to 32.2 million in 2018 from the previous year.  This trend is expected to continue, with the volume of new orders expected to reach 44.6 million CGT in 2023.

According to a DNV GL forecast, LNG as ship fuel is expected to take up 12% of shipping’s energy mix by 2030 before increasing further to 23% by 2050.