The following article was contributed by K Shipbuilding in Seoul for publication by The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.—Ed.
K Shipbuilding announced that it signed a shipbuilding contract for four 50,000-ton petrochemical product carriers from a shipping company in the Middle East on Nov. 11.
The contracted vessel is an LNG fuel propulsion Ready and crubber (desulfurization device) Ready vessel, which is an eco-friendly vessel that satisfies the Energy Efficiency Design Index (EEDI) Phase 3 Index, an environmental regulation of the International Maritime Organization (IMO), which will be further strengthened from 2025.
It will be built at Jinhae Shipyard and will be delivered sequentially from the second half of 2024.
Although the price of the contract has not been disclosed, it seems that the contract has been made, reflecting the recent rise in shipping rates and newbuilding prices, the recovery of the shipbuilding market, and the rise in steel prices.
Shipowner Al Seer Marine is a subsidiary of the UAE's Abu Dhabi-based International Holding Company, listed on the Abu Dhabi Stock Exchange (ADX) and is rapidly expanding its fleet.
As a result of the agreement with K Shipbuilding, the company will include petrochemical product carriers in its existing fleet, securing its position in the tanker market, which is expected to recover in the future, and strategic cooperation between the two companies is expected to continue in the future.
“As a competitive shipyard for the construction of medium-sized petroleum product carriers, K Shipbuilding is continuing to sign new contracts based on its abundant experience in tanker shipbuilding and delivery. Currently, we have 28 orders, which will last until 2024. Based on these orders, we will continue to normalize our business," an official of K shipbuilding said.