KSOE wins $340 order to build 2 ethane carriers

Shipbuilder HD Korea Shipbuilding & Offshore Engineering (KSOE) clinched a contract for the construction of two Very Large Ethane Carriers (VLEC) from an Asian shipper for $340 million.

A Very Large Ethane Carrier constructed by HD Hyundai Heavy Industries, delivered in 2022 to the ship owner, sails under a sea trial. [HD HYUNDAI]

Shipbuilder HD Korea Shipbuilding & Offshore Engineering (KSOE) clinched a contract for the construction of two Very Large Ethane Carriers (VLEC) from an Asian shipper for $340 million.

The unit price of $170 million per vessel establishes a record for the highest unit price among large ethane carriers, according to HD KSOE, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai.

The vessels, with a capacity of 98,000 cubic meters, are set to be built at the HD Hyundai Heavy Industries's Ulsan shipyard, with an expected delivery in the first half of 2027.

"Ethane carriers are specialized vessels designed to transport liquefied ethane under temperatures as low as minus 94 degrees Celsius," HD KSOE said. "Similar to liquefied natural gas (LNG) carriers, their construction requires advanced dry-docking technology and expertise."

With the contract, HD KSOE has accumulated 71 gas carrier orders this year — comprising 39 LNG carriers, 28 LPG and ammonia carriers, two liquefied carbon dioxide carriers and two ethane carriers.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]