[Hankyung Business/ January 16, 2024] In a remarkable feat, Dongsung Finetec, a key player in the LNG cooling materials industry, has successfully secured orders, breaking an impressive order backlog of 2.3 trillion won. The surge in demand for liquefied natural gas (LNG) carriers has propelled Korean shipbuilders to maintain a dominant global market share of 80 percent in 2023.

Dongsung Finetec, known for its specialization in polyurethane (PU)-based cryogenic insulation materials for LNG carriers, boasts the world's lowest LNG boil-off rate technology in its products. The company's success can be attributed to its strategic investments and forward-thinking approach.

Since 2022, Dongsung Finetec has invested a substantial 25 billion won in expanding its production facilities for LNG carriers at its Anseong plant. This expansion, upon completion, is poised to significantly elevate its annual production capacity to accommodate 30 ultra-low temperature coolers, primarily for 174,000m³ LNG carriers. This marks a remarkable 50% increase compared to the production capacity in 2022.

While Samsung Heavy Industries and HD Korea Shipbuilding & Marine Engineering have traditionally been Dongsung Finetec's main suppliers of cooling materials, the expansion is set to diversify and strengthen the company's supplier base. Notably, Hanwha Ocean, the exclusive adopter of the NO96 type tank among Korean shipbuilders, has emerged as a pivotal new growth engine for Dongsung Finetec. The increased adoption of NO96 Super Plus for the tanks in LNG carriers has led to a surge in orders from this dynamic partnership.

In addition to its achievements in LNG carrier technology, Dongsung Finetec is actively engaged in the development of carbon capture and storage (CCS) technology. A company official stated, "We are directing our capabilities towards the development of eco-friendly technologies, building upon our existing LNG cooling technology. By proactively responding to climate change, we envision a transformation into a company specializing in eco-friendly energy." Dongsung Finetec's dedication to innovation positions it at the forefront of the LNG sector, ready to meet the challenges and opportunities of the evolving global energy landscape.