DSME Gets $425 Million Contract to Build Two LNG Carriers

Published on:
by KnowESG
1024px-BlackRock hq51 jeh

Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea has reportedly received a contract worth nearly $425 million (KRW 595.9 billion) to build two liquefied natural gas (LNG) carriers.

An Oceania-based shipping company that did not want to be named gave the contract to the company.

Offshore Energy said that the two new LNG carriers are set to be delivered by July 16, 2026.

It is believed that the contract is related to a deal that DSME, Hyundai Heavy Industries, and Samsung Heavy Industries will sign with Qatar Petroleum in June 2020 for $19 billion. It involves the construction of more than 100 LNG vessels by 2027.

In a separate event, the South Korean company said it had made an environmental, social, and governance (ESG) evaluation index and used it in the Okpo Shipyard in Geoje.

For the past nine months, the company has been working with the Korea Register of Shipping (KR) to establish nearly 146 indicators.

These indicators are intended for the practical evaluation of ESG promotion actions based on the features of the Korean shipbuilding industry.

DSME wants to use the assessment index, which is tailored to the shipbuilding industry, to diagnose internal ESG management efforts regularly and reflect the results in sustainability reports.

DSME reached a deal with contract workers in July to terminate a 51-day walkout over a pay rise dispute.

The company raised the wages of subcontractors by 4.5% and guaranteed jobs for workers at subcontracting firms that could close.

Source: Ship Technology

For more sustainable finance news

Featured Article: BlackRock: Why The Finance Industry Is Hesitant To Ramp Up ESG Efforts


Sustainable Finance Headlines

StorHub Leads Sustainability in Self Storage

StorHub Leads Sustainability in Self Storage

Hallett Decarbonises Cement with CBA's Backing

Hallett Decarbonises Cement with CBA's Backing

CBA and Tesla Australia Partner on EV Financing

CREDEM Issues €500M Social Senior Bond

Citizens Financial Targets $50B Sustainable Finance

Indigo Ag Powers Green Agriculture with $250M Boost

EIB, DB Offer Loans to Mid-Caps for Green Projects

SUNY's Green Bond Supports Climate, Social Change

AfDB Launches USD Sustainable Hybrid Capital

Tata Power, SIDBI to Offer Solar Financing for MSMEs