NEWS June 02, 2021

Hyundai LNG Shipping inks LNG newbuilding for Repsol with DSME

On the 28th, Lee Kyu-Bong, CEO of Hyundai LNG Shipping Co., and Lee Sung-Geun, president of Daewoo Shipbuilding & Marine Engineering Co.,

are making a fist greeting at the Seoul headquarters of Daewoo Shipbuilding & Marine Engineering Co., Ltd. after signing a contract to newbuilding LNG carrier for Repsol.

 

Shipbuilder scores first LNG carrier order of 2021 as it inches towards contract target

 

South Korea’s Hyundai LNG Shipping has turned to Daewoo Shipbuilding & Marine Engineering (DSME) to build a single KRW 216.9bn ($195.8m) LNG carrier newbuilding that it will charter to Spain’s Repsol.

Announcing the order, DSME said the 174,000-cbm vessel will be fitted with ME-GI propulsion and reliquefaction systems.

It is due for delivery in the fourth quarter of 2023.

 

Hyundai LNG said the ship is for long-term charter to Repsol. He said: “It is of great significance in that it is the first contract with a European shipping,” adding that the company plans to expand this aspect of its business.

TradeWinds reported earlier this month that Repsol had selected Hyundai LNG over Norway’s Knutsen OAS Shipping following the Spanish energy company’s tender for a lone LNG carrier against a 10-year charter.

The vessel is expected to be used to lift Repsol’s US volumes from Venture Global LNG’s under-construction ­Calcasieu Pass export facility in Louisiana.

 

Gas growth

 

IMM Private Equity-controlled Hyundai LNG has been particularly active in growing its gas fleets this year.

In April, it signed 20-year contracts with Petronas LNG on up to six LNG carrier newbuildings, with the three firm ships worth more than $550m in total.

The LNG carriers will be built at Hyundai Heavy Industries and used to ship cargoes from the LNG Canada project.

 

Hyundai LNG has also ordered at DSME before, inking two LNG carriers in 2017 and signing up to a pair of VLGCs at the yard a month ago.

DSME said the two had also worked together on joint research on shipbuilding and smart ship technology.

 

The shipbuilder has netted contracts for 26 vessels to date this year, including 11 VLCCs, nine VLGCs, four containerships, one LNG carrier and a single wind turbine installation vessel.

The yard said its contracts total about $2.74bn — or around 35.6% — of its $7.7bn annual target. It added it is looking forward to additional LNG orders this year.

It said over 80% of the orders this year had been for ships with dual-fuel propulsion systems.

 

LINK : https://www.tradewindsnews.com/gas/hyundai-lng-shipping-inks-lng-newbuilding-for-repsol-with-dsme/2-1-1018048

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