Hyundai Heavy Industries Group’s Chairman Kwon Oh-gap.

Hyundai Heavy Industries (HHI)’s winning orders to build five LNG carriers is imminent, business sources said.

HHI was discussing a contract to build five LNG carriers for an LNG project dubbed “Project Rose,” being implemented by Nigeria, the sources said. The price tag of the new LNG carriers is estimated at $935 million (1.032.8 trillion won).

The global shipping intelligence and survey company Clarksons Research set the price tag for each ship at $187 million (206.6 billion won) in February.

The figure compares to 2020’s per ship price tag of between $180 million and $182 million.
Details, including the owner of the order, were not disclosed, however.

The Nigerian LNG Train 7 project calls for an LNG production plant with an annual production capacity of about 8 million tons and auxiliary facilities.

Ships with a combined annual liquefying capacity of 8 million tons are predicted to be in operation starting 2025. The order of the new ships may come from Nigeria, related to the Nigerian LNG Train 7 project, some sources said. Others cited another country.

Meanwhile, Korea Shipbuilding & Marine Engineering Co. (KSME), an intermediate holding company in the shipbuilding sector of Hyundai Heavy Industries Group, won orders for three ships with a combined price tag of about 152 billion won – two 40,000 cubic meter mid-sized LNG carriers and one 40,000-ton PC carrier in early 2021.

HHI Group aims to raise the value of winning ship orders to $14.863 billion (16,7 trillion won) as the 2021 target, a 49 percent jump over $10 billion recorded last year.

HHI Delivers Philippine Navy’s 2nd Frigate ‘Antonio Luna’

HHI delivered the Philippine Navy’s second Jose Rizal-class frigate. HHI’s successfully building two frigates for the Philippine Navy has demonstrated its frigate shipbuilding technology power.

The 2,600-ton frigate “Antonio Luna” set sail from HHI’s shipyard on Feb. 5.

HHI to Invest 1 Trillion Won in Eco-Friendly Future Business via IPO
HHI, the global No. 1 shipbuilder, plans to invest 1 trillion won in the eco-friendly future business to brace for ushering in of a low-carbon era.

HHI revealed a plan on Jan. 26 to invest 1 trillion won over next five years in the development of eco-friendly and future ships, shipbuilding technologies and building eco-friendly production facilities to ramp up its business competitiveness.

To this end, the investment fund will be raised by issuing new issues of about 20 percent in an initial public offering of HHI.

KSME, an intermediate holding company of HHI Group, has a 100 percent stake in HHI.

The investment plan calls for developing eco-friendly ships, future smart ships, self-driving ships to prepare for an era of low carbon such as hydrogen and ammonia and upgrading a dual-fuel ship.

HHI plans to implement technology investments such as M&As against companies with proprietary technologies related to fuel cell while laying groundwork on ESG management on building eco-friendly ships and facility investments.