Hyundai Heavy bags $240M order to build 4 LNG-fueled crude tankers

SEOUL (MK Business News) – South Korea’s Hyundai Samho Heavy Industries Co, a subsidiary of world’s largest shipbuilder Hyundai Heavy Industries Co struggling with a dearth of new orders, secured a $240 million worth order to build four liquefied natural gas (LNG)-fuelled crude tankers.

The shipbuilder said Sunday that it won an order from Russia’s state-run shipping company Sovcomflot to construct four 114,000-tonne class LNG-fuelled crude tankers at $240 million. Each tanker will be 250 metres long, 44 metres wide and 21 metres tall.

The new crude tankers will be the world’s first large-sized vessel running on LNG meeting the new environmental regulations designed to cut greenhouse gases, said Hyundai Heavy Industries.

The new LNG-fueled vessels will lower sulfur oxides emissions by more than 90 per cent, nitrogen oxides by more than 80 per cent and carbon dioxide by more than 15 per cent compared to existing vessels. Also, the noise from engines will be reduced by up to 50 per cent.

The vessels that will be used by multinational oil and gas company Shell to transport Russian crude oil will be delivered consecutively starting the third quarter next year.

An artist’s render of LNG-fulled crude tanker. - mk business news
An artist’s render of LNG-fulled crude tanker. – MK BUSINESS NEWS