Dongsung Finetec’s headquarters in Anseong

Donsung Finetec announced on November 1 that it has secured new contracts worth KRW 410.9 billion for its cryogenic insulation materials, marking a significant achievement for the company. This total represents 77% of its sales from the previous year.

The company has entered into sales and supply agreements with HD Hyundai Heavy Industries and HD Hyundai Samho, valued at KRW 321.6 billion and KRW 89.3 billion, respectively. These contracts cover the provision of cryogenic insulation panels and membrane sheets for ultra-large ethane carriers and liquefied natural gas carriers.

This accomplishment makes Donsung Finetec the first company in Korea to win a contract to supply cryogenic insulation materials for ultra-large ethane carriers. It represents a major milestone, as the company has now established references for new vessel types in addition to liquefied natural gas carriers, which have been the primary application for its cryogenic insulation materials.

Ethane carriers are high-value vessels that require advanced construction technology and specialized expertise to liquefy ethane and transport it at minus 94 degrees Celsius within the cargo containment system.

“With these new contracts for cryogenic insulation materials for ultra-large ethane carriers, we are diversifying our sales portfolio,” said a company official. “Moving forward, we will focus on securing additional orders for a variety of new vessel types.”