Korea Shipbuilding & Offshore Engineering Co., South Korea's biggest shipbuilder, said Tuesday it has received a US$220 million order for two very large ethane carriers (VLECs) from an Asian shipper.

Korea Shipbuilding wins $220 mln order for 2 ethane ships

Korea Shipbuilding plans to deliver two 98,000-cubic-meter VLECs for an unidentified shipper in the Asia region by May 2022, the company said in a regulatory filing.

"With the global shipbuilding market still suffering a lack of orders, we will focus on developing new (shipbuilding) technologies and strengthening marketing activities through untact channels to win more orders in the second half," a company official said.

Korea Shipbuilding has three shipbuilding affiliates -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries Co. -- under its wing.

The two VLECs will be built in the shipyard of Hyundai Heavy in Ulsan, about 410 kilometers southeast of Seoul, the company said.

With the VLEC deal taken into account, the three shipbuilding affiliates have obtained orders for a total of 57 ships valued at $4 billion won so far this year.

Source: Yonhap