The Will for Business

new chapter in Hyundai Heavy Industries' development of its position among the top echelon of producers of gas tanker tonnage is set to unfold with the anticipated delivery before the end of 2004 of the yard's first membranetype LNG carrier.

Building on its track record in LPG carrier and Moss spherical tank-based LNGC construction, the South Korean company's strategic decision to enter the membrane LNGC market has proved positive. Encapsulating the GTT Mk3 containment system, the 140,000-cu. m. newbuild for Golar is a further string to the Ulsan yard's bow, and continuity is ensured through contracts sealed in the first nine months of 2004 for another 11 membrane-type vessels. The latest success has been BP Shipping's order for a series of LNG carriers of record-breaking size, employing membrane cargo containment technology.

Underscoring its determination, HHI is currently allocating two of its building docks for membrane and sphericaltype LNG carriers, and claims that it can turn out up to eight membrane ships or five spherical tank vessels per annum.

Additional delivery flexibility and capacity is offered through recourse to the subsidiary Hyundai-Samho shipyard, which has the wherewithal to produce three membrane-type carriers per year.

To date, HHI has delivered three 125,000-cu. m. and eight 135,000 cu.

m. Moss spherical tank-type vessels, plus 34 LPG carriers employing a range of designs and cargo containment arrangements.

Besides the 140,000-cu. m., membrane- type Golar newbuild, HHI's forward workload includes four 141,000 cu. m., Moss spherical-type LNG tankers and seven membrane carriers of 150,000-cu. m. capacity for various owners, plus the newly-secured quartet of 155,000-cu. m. membrane-type tankers for BP Shipping. The BP deal covers options on a further four ships, and the chosen design is distinguished by the selection of a dual-fuel dieselelectric power plant.

HHI's production program also encompasses a remarkable tally of 13 LPG carriers in hand and on order. One of the next targets for the South Korean builder in the cryogenic sector is a requirement for a 200,000-cu. m. class of LNG carrier to serve the Middle East-Europe trade.

Maritime Reporter Magazine, page 58,  Nov 2004

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