Dongsung, a subsidiary of Dongsung Chemical, South Korea Finetec will invest a total of 25 billion won (approximately US$18.65 million) this year to increase production equipment for ultra-low temperature insulation materials for LNG ships to further expand production and meet market demand.
Dongsung Finetec On October 24, it stated that after investing 6 billion won to add ultra-low temperature insulation material production equipment for LNG ships at its Anseong plant in Gyeonggi Province at the beginning of this year, it decided to invest an additional 19 billion won to continue to purchase related equipment.
LNG has ultra-low temperature characteristics of about -160°C. In order for LNG ships to transport LNG in a liquid state, the interior of the ship's cargo tank must be maintained at a corresponding temperature. Therefore, ultra-low temperature insulation materials must be used to make the cargo tanks to slow down the absorption of environmental heat by LNG. Accelerate the vaporization process, improve the cooling effect, reduce the evaporation of LNG, reduce energy consumption, and improve transportation efficiency.
It is reported that since 2022, Dongsung Finetec has continuously received large-scale orders for ultra-low temperature insulation materials for LNG ships from shipbuilding companies. The current order amount has reached 2 trillion won (approximately US$1.493 billion), which is equivalent to about 4 years of work.
In order to adapt to the demand for ultra-low temperature insulation materials brought about by the LNG ship market boom and further expand production, Dongsung Finetec decided to make additional investments in the construction of related production equipment.
In recent years, the use of LNG as a transitional environmentally friendly fuel to achieve carbon neutrality has been increasing. After the Russia-Ukraine conflict broke out early last year, the volume of LNG maritime transportation increased sharply, prompting a rapid increase in LNG ship orders. As a result, the demand for ultra-low temperature insulation materials necessary to maintain LNG in its liquid state is also increasing.
Dongsung Finetec said that after the expansion project is completed, the company will have the ability to produce ultra-low temperature insulation materials for about 30 LNG ships with a capacity of 174,000 cubic meters per year, expanding its production capacity by 50% in 2022.
Dongsung Finetec’s plan is to complete the expansion project and officially put into production in the second half of next year.
Dongsung A person from Finetec said: "The company hopes to introduce more automation equipment while investing its own funds to add production equipment. This will not only expand production capacity, but also reduce costs. In addition to the current main product Mark-III ultra-low temperature In addition to thermal insulation materials, the company will also study the addition of new thermal insulation material production lines to actively respond to customer and market needs."
Dongsung Finetec is one of the two largest professional manufacturers of thermal insulation materials in South Korea, and is currently the 3rd company in the world that has obtained French GTT certification. One of the largest LNG insulation board suppliers, it has long been supplying ultra-low temperature insulation materials for LNG ship cargo holds to HD Hyundai Group shipbuilding subsidiaries Hyundai Samho Heavy Industries and HD Hyundai Heavy Industries. The company can not only provide ultra-low temperature insulation materials for LNG ships, but also provide comprehensive solutions for the development of insulation materials for liquefied carbon dioxide storage tanks, liquid hydrogen storage tanks, and the design, analysis, and production of fuel storage tanks for LNG-powered ships, transforming the Korean shipbuilding industry. environmental protection model and enhanced competitiveness.
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