K Shipbuilding Wins 510 Billion Won in Product Tanker Orders from European and Middle Eastern Owners
Key Takeaways
- •K Shipbuilding won orders for six medium-sized petrochemical product carriers valued at about 510 billion won.
- •The contract covers two 50,000-ton MR tankers and four 74,000-ton LR1 tankers, including two optional LR1 vessels.
- •The shipowners are based in Europe and the Middle East.
- •Deliveries are scheduled to start sequentially from the first half of 2028.
- •The vessels will include energy-saving devices designed to meet IMO emissions rules and allow conversion to LNG or methanol propulsion.
K Shipbuilding Co., Ltd. said on the 26th that it has won orders for six medium-sized petrochemical product carriers (PCs) worth approximately 510 billion won from shipowners in Europe and the Middle East.
The contracted vessels comprise two 50,000-ton petrochemical product carriers (MR tankers) and four 74,000-ton petrochemical product carriers (LR1 tankers), with two of the LR1 units designated as optional vessels. MR (Medium Range) and LR1 (Long Range 1) are standard size classes for product and chemical tankers, with LR1s representing the larger end of the mid-size segment typically used to carry refined and petrochemical products.
The orders add to demand for mid-sized product tankers, which are used in the movement of petroleum products and petrochemicals that still rely on seaborne transport across regional trade routes. For shipyards, vessel orders of this kind also reflect the ongoing push to align newbuildings with tighter emissions rules while keeping the ships flexible enough to serve future fuel requirements.
The newly ordered vessels are scheduled to be delivered to the shipowners sequentially from the first half of 2028.
K Shipbuilding said it will build the ships with energy-saving devices that meet the International Maritime Organization (IMO) carbon emission regulations. The company noted that the energy-saving devices are designed so the vessels can be converted to eco-friendly fuel propulsion systems, such as liquefied natural gas (LNG) or methanol, in line with future market changes. LNG and methanol are among the alternative fuels the shipping industry is adopting as the IMO tightens its greenhouse gas and carbon-intensity requirements for vessels.
A K Shipbuilding Co., Ltd. official said, "This order is the result of shipowners' strong trust in the extensive construction experience and quality that K Shipbuilding Co., Ltd. has accumulated in medium-sized petrochemical product carriers," adding, "We will deliver vessels of perfect quality and further strengthen our position as a global mid-sized shipyard."
K Shipbuilding is a mid-sized South Korean shipbuilder.
Source: ChosunBiz
