Company Plans To Capitalize On Growing Retrofit Market

HD Hyundai Marine Solution Secures €30 Million Contract for LNG Ship Conversion

Company Plans to Capitalize on Growing Retrofit Market

HD Hyundai Marine Solution, a South Korean shipbuilder, has announced a €30 million contract with a European shipping company to convert a liquefied natural gas (LNG) ship into a floating storage and regasification unit (FSRU).

The 138,000-cubic meter ship will be converted at Hyundai's shipyard in South Korea, with delivery expected in 2024. The FSRU will be used to store and regasify LNG, providing a reliable source of energy to regions without access to natural gas pipelines.

This contract marks a significant milestone for Hyundai Marine, as it represents the company's first venture into the FSRU market. It also highlights the growing demand for LNG conversion projects, driven by the increasing need for cleaner energy sources and the global transition towards a greener economy.

Hyundai Marine plans to leverage its expertise in shipbuilding and marine engineering to secure additional conversion contracts in the future. The company is actively pursuing opportunities in the retrofit market, which has seen a surge in demand due to the need to upgrade existing ships to meet new environmental regulations and improve operational efficiency.