Dongsung Finetec CI

Dongsung Finetec, a global energy solutions company, announced today in a regulatory filing that it has secured a contract worth KRW 192.3 billion (approx. USD 140 million) with HD Hyundai Heavy Industries to supply cryogenic insulation systems for LNG carriers. 

Under the agreement, Dongsung Finetec will supply cryogenic insulation systems for large-scale LNG carriers chartered under long-term contracts to ship U.S.-origin LNG. A portion of these vessels—each with a capacity of 200,000 cubic meters (cbm)—will be equipped with Mark III Flex+, an advanced cargo containment system (CCS) developed by French containment specialist GTT (Gaztransport & Technigaz). 

Stricter IMO greenhouse gas regulations, combined with growing long-haul LNG trade out of the United States, are driving shipowners toward high-efficiency cargo containment systems that minimize boil-off gas. GTT’s Mark III Flex+ design delivers a Boil-Off Rate (BOR) of 0.07% per day (based on a 174,000 cbm baseline)—the lowest one currently on the water—significantly mitigating cargo loss for large-scale carriers during their voyages.

With this contract, Dongsung Finetec has secured supply orders for 29 of the 31 Mark III Flex+ vessels confirmed globally, solidifying a dominant market share of approximately 94%. 

Notably, the scope includes the insulation package for the first vessel contracted by a leading Japanese shipowner to feature the Mark III Flex+ containment system. This decision reflects the shipowner’s confidence in Dongsung Finetec’s manufacturing expertise and insulation quality, establishing a strategic foothold for potential follow-on orders from top-tier international fleets.

In September, Dongsung Finetec obtained validation and certification from GTT and DNV for its low-carbon ‘HFO R-PUF’ insulation. This upgraded material offers up to 6% greater thermal efficiency in cryogenic environments compared to existing products, strengthening the company's position in the high-efficiency LNG insulation segment.

“Capturing a 94% market share in the Mark III Flex+ segment and securing our first supply package to a Major Japanese owner validates the technological edge and reliability we have built over decades,” said Ji-il Park, Head of the Business Unit at Dongsung Finetec. “Leveraging our advanced cryogenic insulation capabilities and low-carbon technologies, we will continue to lead the high-efficiency LNG containment market.”