South Korean shipbuilding giant Korea Shipbuilding & Offshore Engineering Co. (KSOE) has won new orders for the construction of five vessels.
The two separate orders encompass three 7,900 TEU liquefied natural gas-powered (LNG) containerships and two 50,000-ton petrochemical carriers.
The five units will be built for unnamed shipowners in Asia.
The containership order is valued at KRW 418.6 billion (about $351 million). The three boxships are slated for delivery by 28 June 2024 and will be built by KSOE unit Hyundai Samho Heavy Industries (HSHI), the shipbuilder said in a stock exchange filing on 17 January.
What is more, Hyundai Mipo Dockyard (HMD), another subsidiary of KSOE, has been contracted to build the two petrochemical carriers. The newbuilds, worth KRW 92.4 billion, are planned to be handed over to their owner by 30 September 2023, HMD informed.
KSOE is comprised of three affiliates — Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries.
Last week, the European Commission (EC) adopted a decision to prohibit the proposed business combination between Hyundai Heavy Industries Holdings (HHIH) and Daewoo Shipbuilding & Marine Engineering (DSME).
The EU decision is based on the conclusion that the merged shipbuilding giant would create a dominant position and reduce competition in the global market for the construction of LNG carriers.
The EU merger blockage is now a major hurdle for Hyundai Heavy Industries to proceed with the deal, although it previously secured approvals from regulatory bodies in China, Singapore and Kazakhstan.