South Korea’s Hyundai Samho Heavy Industries Co., a subsidiary of world’s largest shipbuilder Hyundai Heavy Industries Co. struggling with a dearth of new orders, secured a $240 million worth order to build four liquefied natural gas (LNG)-fueled crude tankers.

The shipbuilder said Sunday that it won an order from Russia’s state-run shipping company Sovcomflot to construct four 114,000-ton class LNG-fueled crude tankers at $240 million. Each tanker will be 250 meters long, 44 meters wide and 21 meters tall.

The new crude tankers will be the world’s first large-sized vessel running on LNG meeting the new environmental regulations designed to cut greenhouse gases, said Hyundai Heavy Industries.

The new LNG-fueled vessels will lower sulfur oxides emissions by more than 90 percent, nitrogen oxides by more than 80 percent and carbon dioxide by more than 15 percent compared to existing vessels. Also, the noise from engines will be reduced by up to 50 percent.

The vessels that will be used by multinational oil and gas company Shell to transport Russian crude oil will be delivered consecutively starting the third quarter next year.

By Moon Ji-woong

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Source: Pulse by Maeil Business News Korea (Mar. 19, 2017)