The shipyard received another order from an "old customer" for two Aframax crude oil carriers

On October 7, Korea Shipbuilding announced that it has received an order for two 115,000-ton Aframax crude oil carriers from Greek shipping company Atlas Maritime, with deliveries
scheduled to begin in August 2024.

With a total length of 249 meters, a width of 44 meters and a depth of 21.
2 meters, the vessel will be equipped with a desulfurization device and an exhaust gas reduction device, and is an environmentally friendly vessel
that meets the requirements of the International Maritime Organization's (IMO) Ship Energy Efficiency Design Index Phase 3 (EEDI Phase III).

South Korean industry insiders said that Atlas Maritime chose Korea Shipbuilding to build these two new ships because of the good cooperation
between the two sides.
In 2014, Korea Shipbuilding received orders for two 115,000-dwt LR2 refined oil product carriers from Atlas Maritime, and in 2021, Korean Shipbuilding received orders for one 115,000-ton Aframax crude oil carrier from Atlas
Maritime.

A Korean shipbuilding official said: "Atlas Maritime is very satisfied with
the quality of the ships we build.
It is possible to continue to receive orders
because of the excellent quality and the friendly relationship with the shipowner.
It is expected that the tanker market will recover slightly in the second half of the year, and the company will ensure the workload through active order taking activities, while fully developing new ship types and new technologies to further strengthen the competitiveness
of the main ship types.
”

It is understood that in the past two years, the global new ship orders have increased significantly, but the number of new ship orders for oil tankers has decreased
.
According to the "Trends of the Medium-sized Shipbuilding Industry in 2022" released by the Overseas Economic Research Institute of the Export-Import Bank of Korea (KEXIM) based on Clarkson data, in January ~ June this year, the global order volume of new medium-sized tankers decreased by 76.
7% compared with the same period last year, of which South Korea only undertook 4 ships
.

Korea Shipbuilding is a well-known medium-sized tanker construction shipyard in Korea and around the world, and the main ship types are Aframax tankers and Suezmax tankers
.
In 2017~2020, the cumulative market share of Aframax crude oil carriers undertaken by Korean Shipbuilding reached the world's first
.
With the recovery of the global shipbuilding market in the past two years, Korean Shipbuilding has seized the opportunity to vigorously expand the market
.
In 2021, Korea Shipbuilding took orders for 19+4 new ships, including 11+2 Aframax crude oil carriers, 6 LR2 product tankers, and 2+2 1000TEU-class container ships, which not only exceeded the target of 14 new ship orders set at the beginning of the year, but also ensured a stable workload
by 2023.

Including the two Aframax crude oil carrier orders it undertook this time, Korea Shipbuilding has received orders of USD 755 million this year, ranking second
only to K Shipbuilding (formerly STX Shipbuilding Marine) at USD 937 million among the four medium-sized shipbuilders in Korea.