Korea Shipbuilding & Offshore Engineering (KSOE) has signed orders worth a combined KRW 1.56trn ($1.35bn) to build seven LNG carriers.
Subsidiary Hyundai Heavy Industries agreed a deal worth KRW 678bn to build three of the 174,000-cbm vessels for an unnamed Asian shipowner, with deliveries due by the end of 2024.
Sister yard Hyundai Samho Heavy Industries will build the remaining four LNG carriers, KSOE said in a regulatory filing on Friday.
It will build two ships for an unnamed European shipowner and another pair for an unidentified shipowner in Liberia. Deliveries will be completed by 2024.
LNG market analysts are upbeat in their forecasts for tonnage demand on the basis that longer-haul voyages from the US to Asia and the retirement of some steam turbine vessels due to tougher emissions regulations will require more vessels.
KSOE, a subsidiary of Hyundai Heavy Industries Holdings, is a holding company for three major South Korean shipbuilders: HHI, Hyundai Samho and Hyundai Mipo Dockyard.
With the latest contracts, KSOE has obtained orders for 176 ships and two offshore plants worth a combined $16.8bn so far this year, or 113% of its annual order target of $14.9bn.
The shipbuilder recently said it would focus on profitability rather than volume in the second half of the year, given strong order enquiry.
KSOE reported a second-quarter loss this month of KRW 722bn versus consensus estimates of a KRW 47bn profit, due to surging steel prices.
