South Korea's KSS Line announced its investment in three very large gas carriers (VLGC) through a newbuilding order with HD Hyundai Heavy Industries. These vessels are scheduled to be delivered sequentially starting from the first quarter of 2029.
The order is valued at KRW700 billion ($515 million) in total, which the company noted represents approximately 124 per cent of its revenue recorded last year. Long-term charter agreements have been secured for the fleet with energy firms BGN Group and GYXIS.
BGN Group will charter two of the vessels for a period of seven years in a deal worth approximately KRW514.3 billion. This arrangement follows the renewal of charter contracts for six other vessels with the same group in January.
The remaining vessel is assigned to GYXIS for five years under a contract valued at KRW185.2 billion. Chief Executive Officer Park Chan-do stated the company is strengthening its presence in the gas carrier sector despite global economic challenges and external uncertainties.
The vessels are designed to navigate both the old and new Panama Canals, which the company noted is expected to minimise risks of canal congestion. These ships will feature LPG dual-fuel propulsion engines.
Following the delivery of these ships, the company stated six of its medium and large-sized gas carriers will utilise dual-fuel technology.