Hyundai Heavy Industries gets $1.05bln in dual-fuel LNG carrier orders
Hyundai Heavy Industries [009540.KS] (HHI) says it - along with affiliated shipyard Hyundai Samho Heavy Industries - has received orders to build five dual-fuel liquefied natural gas (LNG) carriers for $1.05 billion, Reuters reports.
HHI said it received an order for a 155,000-cubic meter LNG carrier worth $210 million from Brunei Gas, while Samho Heavy Industries won a contract for four 174,000-cubic meter LNG carriers worth $840 million from Greece's Maran Gas.
The Maran contract also includes an option for the owner to add two more LNG carriers.
The LNG carriers will be able to run on either diesel fuel or natural gas, and they are scheduled to be delivered between 2015 and 2016.
Dual fuel engines have become a popular option for LNG carriers because of their fuel efficiency and lower emissions, compared with standard engines.
MAN Disel & Turbo recently announced it would supply dual-fuel engines for two fuel-efficient LNG carriers being built at South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME).
Earlier this month, LNG shipping company Hoegh LNG AS predicted that the market for LNG tankers may have excess capacity in 2014 and 2015, but is likely to even out after that.