Hyundai Merchant Marine Spends $1.57 billion on LNG ready Container Ships

4 mins read  Sealuminati TeamJuly 1, 2021

South Korean shipping company, Hyundai Merchant Marine (HMM), has committed to construct twelve 13,000 TEU container ships for $ 1.57 billion with (Daewoo Shipbuilding & Marine Engineering) DSME, and HHI(Hyundai Heavy Industries ). According to the agreement, DSME and HHI will each build six ships in the first half of 2024.

All ships will be equipped with hybrid scrubbers and will be built to accommodate LNG.

“The latest energy-efficient technologies will be installed on our freshly ordered containerships." We anticipate that these ships will provide us with exceptional environmental credentials, as well as the capacity and flexibility to deliver our customers' goods to the right location at the right time, according to an HMM official.

HMM is announcing fresh orders as it adds LNG-capable 16,000 TEU-class container ships to its fleet, which were ordered from Hyundai Heavy Industries in 2018.

According to data from VesselsValue, new orders have increased to 1.1 million TEU or 4.6 per cent of the fleet, and there have been 50 new orders for containerships in May alone, all of which are larger than 10,000 TEU.

With 2.2 million TEU contracted, containership contracting has had a record-breaking start to the year, the 184,254 TEU ordered in the first five months of 2020, According to the Baltic and International Maritime Council(BIMC). Ultra Large Container Ships (ULCS) with a capacity of 15,000 TEU were the most preferred choice among owners. There have been a total of 89 orders for them, with an average capacity of 16,622 TEU.