K Shipbuilding won orders for 6 product tankers

South Korea’s mid-sized shipyard K Shipbuilding (formerly STX Offshore & Shipbuilding) has secured another new order in the tanker market.

K Shipbuilding has signed a contract with Dubai-based independent chemical/tanker company Gulf Energy Maritime for the construction of four 75,000 dwt LR1 product tankers; and signed a contract with Vietnam’s Asia Pacific Shipping Company (ASP) for the construction of two 50,000 dwt MR product tankers, according to Trade Winds. The total value of the orders for 6 new shipbuildigs of 2 types is KRW 540 billion (approx. $392 million), and the delivery dates are all disclosed.

The shipbroker’s analysis said that the unit cost of the 75,000 dwt LR1 product tanker is slightly more than $70 million, and based on this, the total value of the four LR1 product tankers is about $280 million, and the total value of the two MR product tankers is about $112 million, with the unit cost of the tankers being about $56 million.

K Shipbuilding said the product tankers will use conventional fuels, but will be of dual-fuel design with future upgrades to use liquefied natural gas (LNG) methanol or ammonia fuels. The new product tankers will be equipped with the “K Smart Ship Solution” developed by K Shipbuilding.

It is worth noting that the above contract is the first time that Gulf Energy Maritime and ASP have placed a shipbuilding order with K Shipbuilding, and it is also the first time that ASP has ordered a new vessel from a Korean shipyard.

It is understood that Gulf Energy Maritime, a joint venture shipping company established in 2004 by the UAE National Oil Company, Abu Dhabi International Petroleum Investment Company (IPIC) and Oman Oil Company. Gulf Energy Maritime has now grown into an independent chemical/tanker company and currently has a fleet of eight tankers, including one LR1 product tanker and seven chemical/product tankers.

Yangzijiang Shipbuilding

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