At the signing ceremony (L to R): Hwa-Lyong Lee (DNV GL), Dae-Seong Jeong (DHSC). Image by DHSC.

Daehan Shipbuilding and DNV GL cooperate to develop small-size LPG carriers

Busan, South Korea - 25 August 2020

Daehan Shipbuilding Co., Ltd. (DHSC) entered into a Joint Development Project (JDP) with DNV GL to develop small-size LPG carriers.

Mr. Dae-Seong Jeong, DHSC President & CEO, and DNV GL’s Hwa Lyong Lee, Regional Business Development Manager Korea & Japan, signed the JDP in the DNV GL office in Busan.

With the agreement, DNV GL and Daehan Shipbuilding will jointly develop small-size LPG carriers. The JDP process will commence from early September 2020 and is scheduled to be completed by the end of December 2020.

DNV GL will review the basic and detailed designs for the vessels in accordance with the relevant rules and regulations as well as provide technical advice and recommendations to help enhance the design development.

Due to tightened emission regulations and a shale gas boom, the demand for LPG and LNG carriers is expected to increase.

A hike in freight rates also stimulates the growth in LPG carrier orders. To keep pace with this industrial trend and seize opportunities, DHSC has decided to diversify its ship type lines and start to develop LPG carriers.

“DHSC already established its position as a reliable shipbuilder with the capability to build different ship types other than gas carriers. As the industry is changing rapidly, we are now strengthening our competitiveness by developing LPG carriers and show our technological competence to ship owners,” said Mr. Jeong of DHSC.

“For decades, DNV GL has led the way in the gas carrier segment, working in partnership with stakeholders to improve vessel performance. We are the most appropriate partner for DHSC’s new challenge, and we anticipate a fruitful result for both parties,” said Vidar Dolonen, DNV GL Regional Manager Korea & Japan.

Daehan Shipbuilding press release