Hanjin Heavy Industries and Construction Co. (HHIC) has for the first time succeeded in cracking the world LNG bulk carrier market by grabbing a $100 million order for two 5,100 ton-class LNG Bunkering Vessels from NYK Co. of Japan.
So far, small LNG bunkering carriers or barges with no engines were used to supply LNG as fuel to ships and this is the first time LNG bunkering carriers were ordered to be built, the shipbuilding firm said.
LNG bunkering is the delivery of LNG to ships on the sea as fuel so the ships won’t have to come to the LNG terminals in harbors to refuel.
Vessels burning LNG as fuel can save as much as 50 percent in fuel costs on top of reductions of toxic gas emissions such as sulfur. Orders for ships burning LNG as fuel have been on the rise in recent years as they are economical and at the same time environmentally friendly.
Shipbuilding sources said the International Maritime Organization (IMO) has been regulating the toxic gas emissions by ships on the sea and countries like the United States and Australia have been expanding the production of LNG, stabilizing the price of the gas and leading to more orders for the LNG-burning vessels and LNG bunkering vessels.
Many harbors around the world, with Europe at its center, have been preparing for the age of LNG by building bunkering installations to take the lead in the innovations for refueling ships, but Korea has been behind in preparing for the new trend.
Officials of the company said the LNG burning ships and LNG bunkering markets are the next generation green ships and a blue ocean for the LNG industry. HHIC captured the first LNG bunkering ships order in the world and will try to further develop its own technologies for the ships in order to maintain its top position in the LNG bunkering tanker construction technologies.
According to Clarkson Research Studies in the U.K., the world’s leading shipping services provider, HHIC-Phil’s Subic Shipyard ranked 10th in the world for the first time in terms of Compensated Gross Tonnage (CGT) with 1,757,000. This landmark was hit in five years since it was launched in April 2009.
It has no doubt that HHIC has been a pioneer in the domestic shipbuilding industry, building Korea’s first steel vessel, first oil rig, Asia’s first membrane LNG carrier, air cushion vehicle, cable ship, and icebreaker. Because of the economic crisis of 2008, the emergence of Chinese shipbuilders, and intensifying competition, however, it fell behind.
Thanks to the completion of HHIC-Phil’s Subic Shipyard, the Korean shipbuilder was finally able to overcome its limitations in building high value-added vessels. Empowered by the improvement of mid- and long-term competitiveness, HHIC has secured its standing to become the world’s leading shipbuilder.
Last month, HHIC-Phil’s Subic Shipyard won the bid to build a Very Large Crude Carrier (VLCC) for the first time. In the past, HHIC didn’t even attempt to participate in this kind of bid due to its narrow shipyard in Yeongdo.
Entering this year, in particular, HHIC has been successful in several bids including 300,000 DWT VLCCs and over 10,000 TEU VCLSs. So far, the company has booked nearly $3.2 billion in advance orders (50 ships in total) for three years. HHIC is now treated as one of the world’s leading global shipbuilders.
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