South Korean marine equipment company DongHwa Entec has teamed up with shipbuilder K Shipbuilding for LNG-fueled containership development.
The parties signed a memorandum of understanding (MoU) for 8,000 Teu class LNG -fueled container ship development on 20 January 2022. The goal is to specifically strengthen the competitiveness of medium-sized vessels in eco-friendly shipping.
DongHwa Entec and K Shipbuilding share the vision of mutual cooperation that will lead the future of marine shipbuilding. They want to do it through research and technology collaboration in the marine shipbuilding sector.
Through this deal, K Shipbuilding will push forward with ship-class AIP acquisition for 8,000 Teu class containerships. On the other hand, DongHwa Entec will be responsible for engineering and actual application of LNG fuel gas supply systems.
In conclusion, this partnership is to exemplify a successful win-win model between a medium-sized shipbuilding company and an equipment specialist.
According to Korea’s energy ministry, Korea’s shipbuilding industry has achieved the best results in eight years since 2013 (18.45 million CGT), winning 17.44 million CGT worth of orders in 2021. This success is due to increased demand for eco-friendly ships to achieve IMO requirements. Korea has accomplished the world’s number one position by winning 64 per cent of global orders. In particular, medium-sized shipbuilders drive for more active and creative sales. K Shipbuilding is leading the resurrection of medium-sized shipbuilders by winning 333,000 CGT in orders, a 275 per cent increase from the previous year.