[Yonhap News Agency/February 22, 2024]  Dongsung Finetec, a prominent figure in the LNG cooling materials sector, has recently disclosed a significant development. On the 22nd, the company announced the signing of a letter of intent with Hanwha Ocean, outlining an agreement to provide approximately 90 billion won worth of LNG carrier cooling materials. 

Under this agreement, Dongsung Finetec is slated to manufacture and supply NO96 LO3+ type cooling materials by the year 2027 to Hanwha Ocean. The decision stems from the escalating demand for NO96 LO3+ cooling materials, driven by the notably low natural vaporization rate of LNG within the NO96 product line.

Dongsung Finetec boasts comprehensive production technologies for various cooling materials, which have been adopted by all three major domestic shipbuilding firms. By the latter half of this year, the company anticipates reaching an annual production capacity capable of servicing approximately 30 vessels of LNG carriers with a class size of 174,000 cubic meters.

An official from Dongsung Finetec highlighted the company's proactive approach to meeting market demands. They stated, "With secured orders totaling 2 trillion won, equivalent to approximately four years' worth of work, and a 50% expansion in production capacity compared to 2022, achieved through strategic investments, we are well-positioned to enhance the supply of new cooling solutions. This includes NO96 types, alongside our flagship products, the Mark III types."