Daewoo Shipbuilding and Abu Dhabi National Petroleum Corporation (ADNOC) and 3 The contract for the construction of three super-large tankers (VLCC), which also allowed Daewoo VLCC to build more than 170 ships, further consolidated Daewoo shipbuilding in the global VLCC shipbuilding industry.
On Dec.3, Daewoo Shipbuilding announced that it had received three ADNOC VLCC orders valued at 282 billion won (about $257 million). the 3 tankers will be built by daewoo shipbuilding yupu shipyard and scheduled to be delivered in the first quarter of 2023, with additional 3 alternative ship orders attached to the construction contract.
While Daewoo Shipbuilding did not reveal more details, South Korean media have reported that Daewoo Shipbuilding has ADNOC L&S signed up to build 3 with ADNOC shipping logistics service Letter of Intent for the Construction of 3 Dual-Fuel LNG Power VLCC, which is the first LNG power VLCC. for Daewoo Shipbuilding At that time, details of the construction price and delivery period of the ships were not disclosed.
Nevertheless, according to the current price announced by Daewoo Shipbuilding, the cost of each new ship is basically the same as the average price of $85 million VLCC current conventional power, while the cost of LNG power VLCC is as high as $105 million, so the ADNOC new ship does not use LNG power.
The VLCC meets the requirements of the International Maritime Organization (IMO) for the second phase of the latest ship energy efficiency design index (EEDI), and the option of using low sulphur oil instead of desulphurization units (Scrubber) or future refit to LNG dual-fuel power ships is arranged in the construction contract, allowing shipowners to choose flexibly according to the circumstances. Of concern is that if the ship is finally identified as a dual-fuel LNG power vessel, it will become the world's first VLCC. to use marine ME-GI high-pressure dual-fuel engines and high manganese steel fuel tanks
Including ADNOC latest orders, Daewoo Shipbuilding has received $4.6 billion this year ,56 percent of the annual order target.
"This is the first time ADNOC have made a contract at a South Korean shipyard VLCC, and the contract includes the possibility of making three additional ships of the same type ," Daewoo said ." We will do our utmost to build the highest quality ships for our customers in order to establish continuous friendly relations and look forward to receiving orders ADNOC other types of ships in the future ."
According to information ADNOC L&S came out in August this year, will order 3 3 VLCC and 4 There are 4 LR2 finished oil tankers, and eight shipyards have been invited to submit quotations. The new ship may be operated with LNG power. So far, six VLCC orders have been placed in Daewoo Shipbuilding, and eight other LR2 finished tanker orders are still pending, and ADNOC L&S is expected to make a final decision on the order within this year.
Under ADNOC L&S fleet expansion plan disclosed in february last year, the company will add more than 25 ships over the next five years, acquire the first crude oil vessels and expand the fleet of liquefied gas and dry bulk carriers to match ADNOC 2030 smart growth strategy. ADNOC L&S fleet expansion enables ADNOC to "deliver" more goods, increase its global influence, unleash new market opportunities and expand the value of its supply chain.
South Korean industry sources said that as the world economy recovers and environmental requirements become increasingly stringent, the demand for VLCC and LNG power VLCC is expected to increase, and Daewoo Shipbuilding, which has the world's highest technical capability in the construction field, is expected to benefit.
For a long time, Daewoo Shipbuilding has always been the construction delivery VLCC the world's first single shipbuilding enterprise. From the end of the Middle East war in 1975 to June 2008, 506 VLCC, constructed globally Of these ,102 were built by Daewoo, The proportion is more than 20. According to the latest data at the end of November, Among the 834 VLCC currently operating globally, There are 161 ships built by Daewoo, 19.3 per cent, According to the statistics, Daewoo Shipbuilding is still the first single shipbuilding enterprise in VLCC construction field.
According to statistics, from 2017 to 2019, Daewoo Shipbuilding received a total of 41 VLCC orders. Daewoo Shipbuilding has now taken on five VLCC., including the three orders, despite the severe impact of the new crown pneumonia epidemic this year As of now, in the world a total of 69 VLCC handheld orders, Daewoo shipbuilding handheld orders a total of 9.
Korean securities researchers believe that with the normalization of global low oil prices, the demand for oil will also increase, the volume of offshore oil will also increase, Daewoo shipbuilding construction of the main ship VLCC order demand will continue to expand. Historically, international oil prices plummeted from $100 to $50 in October 2014, and from November to the second year, new ship orders from global tankers tripled and freight rates tripled. During this period, Daewoo shipbuilding VLCC orders have increased significantly.
