Euronav, the Belgian oil tanker owner, has added 4 large oil tanker newbuilds to Hyundai Heavy Industries Group, to develop ammonia fuel-powered oil tankers.
On July 6, Euronav announced that it had signed a contract for the construction of three Suez tankers with HHI, each with a cost of 66.4 million U.S. dollars and a total price of 199.2 million U.S. dollars. The newbuilds will start in the first of third-quarter 2023 to 2024. Quarterly delivery. At the same time, Euronav confirmed the execution of an alternative order for the third VLCC at Hyundai Samho Heavy Industries, and the delivery date is set for the second quarter of 2023.
Euronav originally signed a 2+1 300,000-ton VLCC construction contract with Hyundai Heavy Industries in April this year, with a value of 186 million U.S. dollars. The new ship was built by Hyundai Sanhu Heavy Industries, with a total length of 330 meters, a width of 60 meters, and a depth of 330 meters. It is 29.6 meters, equipped with a marine desulfurization device, and adopts an LNG-ready design. At the same time, Euronav is also considering upgrading these VLCCs to an “ammonia fuel reserve” design.
Euronav also announced that it has signed a joint development project with Hyundai Heavy Industries Group, Lloyd’s Register of Shipping (LR), and DNV. The purpose is to accelerate the development of dual-fuel ammonia-powered VLCC and Suez tankers. The joint development project was initially The term is 3 years.
Euronav stated that the joint development project will ensure that Euronav and its partners have control over the future specifications of the new generation of oil tankers, while maintaining flexibility. At least until 2025, the shipbuilding capacity to build large crude oil tankers may be very limited. With this in mind, Euronav believes that the project will enable the company to gain a competitive advantage within its established sustainable development structure.
Euronav CEO Hoge de Stoop said: “The shipping industry is entering an era of rapid technological development. Environmental protection work is increasing day by day, and strong management is required. Working with key partners to achieve safe transportation and commercialization of new technologies will support. To bring benefits to the wider shipbuilding industry. This partnership will accelerate the development and application of ammonia fuel as one of the key solutions for the shipping industry.”
Source International Shipping Network