Seatrium bags Favoured Customer Contract from Hyundai LNG Shipping

The deal involves repairing and upgrading of Hyundai's LNG ships.

Seatrium Limited has secured the Favoured Customer Contract (FCC) for the enhancement of Hyundai LNG Shipping carriers.

In a statement, Seatrium said its first long-term agreement with a Korean LNG company will involve repairing and upgrading of Hyundai’s fleet over the next two years, with responsibilities in joint planning, information and experience sharing.

The deal was signed by JinChul Hong, vice president of Hyundai LNG Shipping, and Alvin Gan, executive vice president, repairs and upgrades at Seatrium. 

Hong said the first LNG retrofit under the FCC agreement scheduled for repairs in Seatrium’s Admiralty Yard in Singapore is the Hyundai Utopia in May 2024.

The companies said they will also work on boosting efforts to achieve sustainable targets in the areas of Quality, Health, Safety and Environment (QHSE), cost efficiency and timely deliveries, which are key performance indicators for high-quality LNG refit maintenance.

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“By collaborating with Seatrium, we aim to enhance our operational efficiency and instil the highest standards of quality, safety, and environmental sustainability in the maintenance of our LNG carriers,” Hong said.

“This agreement not only underscores our leadership in LNG carrier repairs and upgrades but also reflects our commitment to delivering excellence and innovation in every project we undertake. We look forward to a successful collaboration that will benefit both parties and contribute to the advancement of the LNG industry,” Gan said.