Secures 29 of 31 vessels worldwide fitted with Mark III Flex+

Japanese major shipowner adopts Mark III Flex+ for the first time

An exterior view of Dongsung Finetec. [Provided by Dongsung Finetec]
An exterior view of Dongsung Finetec. [Provided by Dongsung Finetec]

Dongsung Finetec, the energy solutions arm of Dongsung Chemical, announced Thursday that it has signed a cryogenic insulation supply contract with HD Hyundai Heavy Industries worth 192.3 billion won ($143 million) for LNG carriers.

The insulation materials covered by the contract will be supplied to large LNG carriers deployed under long-term charter agreements for transporting US-origin LNG.

Some of the vessels — 200,000-cubic-meter-class ships — will be fitted with Mark III Flex+, the top-tier cargo containment system developed by French LNG containment technology company GTT.

Demand for high-efficiency cargo containment systems that minimize boil-off rate has been rising, driven by tightening carbon emission regulations from the International Maritime Organization and growing demand for long-haul LNG transport from the United States.

Mark III Flex+ is a high-performance system that reduces the boil-off rate on 174,000-cubic-meter-class vessels to 0.07 percent, the lowest level currently available. The specification minimizes LNG cargo loss during transit even on large vessels.

With this contract, Dongsung Finetec has secured insulation supply for 29 of the 31 vessels worldwide confirmed to use Mark III Flex+, pushing its market share to approximately 94 percent.

The contract also includes insulation for vessels on which a major Japanese shipowner has adopted Mark III Flex+ for the first time.

"Achieving a 94 percent share of the Mark III Flex+ market and securing the first order from a major Japanese shipowner demonstrates the technological capability and quality credibility we have built up over the years," said Park Ji-il, head of Dongsung Finetec's business division. "We will further consolidate our leading position in the high-efficiency LNG insulation market on the strength of our eco-friendly, low-carbon technology and cryogenic insulation expertise."


keg@heraldcorp.com