South Korean H-Line Shipping has ordered two LNG-fueled, dual-fuel Newcastlemax vessels from Chinese shipyard New Times for approximately $188 million.
South Korean H-Line Shipping has resumed ordering dry bulk carriers, placing an order with Chinese shipyard New Times Shipbuilding for two dual-fuel Newcastlemax vessels powered by liquefied natural gas. As reported by Splash247, the deal is directly linked to H-Line’s long-term cooperation with steelmaker POSCO.
Each vessel will have a deadweight capacity of more than 200,000 tonnes and is priced at approximately $94 million. The total value of the order will therefore exceed $185 million. Delivery is scheduled for 2030.
The new contract continues H-Line’s long-standing relationship with New Times, where the company has previously placed orders for large bulk carriers. H-Line’s cooperation with POSCO dates back to the 1970s. Today, more than 90% of H-Line’s bulk carrier fleet consists of company-owned vessels, while POSCO remains one of its key long-term customers.
The order also continues H-Line’s strategy of using LNG as a fuel for large dry bulk carriers. In 2018, the company ordered two LNG-powered Capesize vessels, followed in 2021 by up to six Newcastlemax vessels under a long-term contract with Rio Tinto.
The latest order comes amid a restructuring of H-Line’s fleet. Last month, it was reported that 16 gas carriers and their associated chartering vessels were being transferred to H-Line’s affiliate SK Shipping. In return, H-Line is expected to receive 11 VLCCs, one MR tanker and approximately $300 million in cash.
At the same time, the order for two Newcastlemax vessels indicates that H-Line remains focused on its traditional dry bulk shipping business, which is supported by long-term contracts with industrial customers.
Read also: UN supports new world map that more accurately shows Africa’s size
