[Yonhap News Agency/ October 24, 2023] In a strategic move to meet the escalating demand in the liquefied natural gas (LNG) carrier market, Dongsung Finetec, a leading expert in LNG cooling materials, has declared a substantial investment of 25 billion won. The announcement was made on the 24th, revealing the company's intent to bolster the production of cryogenic insulation materials crucial for LNG carriers.

This financial commitment follows a previous investment of 6 billion won earlier this year, as Dongsung Finetec continues its expansion initiatives at the Anseong plant. The additional 19 billion won injection is expected to further enhance the production facility dedicated to cryogenic insulation materials.

Post-expansion, Dongsung Finetec anticipates achieving an impressive cryogenic insulation material production capacity of 30 vessels per year, specifically targeting the 174,000 ㎥class of LNG carriers. This represents a significant 50% surge from the company's production levels in the previous year.

The decision to amplify production capabilities is fueled by the growing demand from customers within the thriving LNG carrier market. Dongsung Finetec envisions not only expanding its output but also achieving cost reductions through the incorporation of automated facilities, a move financed by the company's own funds.