Hyundai LNG Shipping Orders Its First VLGC

Hyundai LNG ShippingImage Courtesy: Hyundai LNG Shipping

South Korean shipowner Hyundai LNG Shipping (HLS) has placed an order for the construction of one very large gas carrier (VLGC) at compatriot shipyard Hyundai Heavy Industries (HHI).

The duo signed an agreement on April 16, 2019, which includes one optional vessel.

As informed, the firm 84,600 cbm gas carrier is scheduled for delivery in Q3 2020.

The company has signed a seven-year time charter for the newbuilding with an unnamed energy company.

“We are very grateful to build meaningful relationship with a respectable charterer through long-term contract,” KyuBong Lee, CEO of HLS, commented.

With the new order, Hyundai LNG Shipping is making its entry into the LPG sector. Currently, HLS owns a fleet of ten LNG carriers.

Earlier this week, the shipbuilder unveiled it recently secured orders for five new gas and crude carriers, with a value of around USD 600 million.

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