Looking for a new shipyard~Exmar canceled two VLGC orders for Hanjin Subic

As Hanjin Subic applied for court takeover in January due to financial difficulties, Belgian shipowner Exmar recently cancelled two VLGC orders in Hanjin Subic and is looking for new builders.

In March last year, Exmar ordered two 80,200 cubic meters of VLGC under the order of Hanjin Subic, each costing about $70 million. According to the plan, the two VLGCs will be delivered in 2020 and will be leased to Norwegian national oil (Equinor) upon delivery.

At the time, this was the VLGC for the world's main engine using LPG as fuel, and it was also the first VLGC order for Hanjin Subic. However, after Hanjin Subic applied for the court to take over and suspend production, Exmar CEO Nicolas Saverys confirmed that Hanjin Subic’s two VLGC orders had been cancelled and Exmar would choose a new shipyard to order VLGC.

Earlier, it was reported that the Chinese and Korean shipyards were participating in the negotiations on the two VLGC orders of Exmar. Jiangnan Shipbuilding and Hyundai Heavy Industries may obtain this order. Market experts say the future development of Exmar's VLGC order may depend on Norwegian National Oil and its priorities, including delivery time and price.

According to the International Ship Network, at the time, Hanjin Heavy Industry Subic Shipyard won the competition with Hyundai Heavy Industries and Jiangnan Shipbuilding for its price advantage. Therefore, if Exmar is looking for a new shipyard that meets its requirements, Jiangnan Shipbuilding may The two VLGCs can be built at a lower price, but shipyards such as Hyundai Heavy Industries may also provide earlier delivery times.