[Yonhap/October 2, 2024] Major South Korean shipbuilder Hanwha Ocean Co. said Wednesday it has won a 545.4 billion-won (US$413.6 million) order to build a floating storage and regasification unit(LNG-FSRU)

The vessel is scheduled to be delivered by October 2027.

An FSRU is a specialized vessel that both transports and converts LNG into a usable form simultaneously. It offers a faster and more cost-effective supply of natural gas to smaller markets compared to conventional land-based infrastructure.

The Korean company has built 12 out of the 41 premium LNG carriers currently operating worldwide, accounting for the largest portion of global market share at 30 percent, according to market researcher Clarkson Research Service.

So far this year, Hanwha Ocean has bagged $6.1 billion worth of orders to build a total of 31 vessels, far exceeding $3.5 billion for the whole of 2023.

Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., set sail as the shipbuilding arm of chemical-to-defense industry conglomerate Hanwha Group in May last year.

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