[Dongsung Press release/ July 17, 2023] Dongsung Finetec, Dongsung Chemical’s subsidiary specializing in LNG cryogenic insulation material, has achieved significant milestones by surpassing KRW 1.1 trillion in new cumulative orders this year. This achievement sets a new record for single-year orders, surpassing the previous highest record of KRW 860 billion in 2021. Additionally, the company’s order backlog has reached an all-time high of KRW 2.3 trillion.

On the 14th of this month, Dongsung Finetec signed contracts with HD Hyundai Heavy Industries and Hyundai Samho Heavy Industries for LNG cryogenic insulation materials, totaling KRW 2.832 trillion and KRW 1.215 trillion, respectively. This success comes merely a month after the company inked a contract worth KRW 441 billion with Samsung Heavy Industries for LNG cryogenic insulation materials.

LNG cryogenic insulation material is essential for maintaining and storing LNG in a liquid state. Its demand has been increasing due to the recent boom in the LNG carrier market.

A representative from Dongsung Finetec stated, “With this contract, Dongsung Finetec now holds a record of 287 orders for LNG carriers in the LNG cryogenic insulation material business. We expect a continued increase in order amounts this year as Korean shipyards sustain their momentum in securing LNG vessel orders, with the majority of global orders also being placed with Korean shipyards.”  

Meanwhile, Dongsung Finetec continues to advance its research and development efforts in low-temperature insulation materials for liquid hydrogen cargo holds for vessels, as well as insulation materials for liquid hydrogen storage containers used in hydrogen-powered commercial vehicles, as part of national projects.