Daewoo Shipbuilding & Marine Engineering said Friday that it had signed orders worth 1.95 trillion won ($1.73 billion) to build 10 very large crude carriers, signaling an uptrend in the nation’s shipbuilding industry.

The announcement comes nearly three months after a letter of intent was signed in December.

The completed vessels will be delivered to buyers in Asia, Europe and the Americas by the second half of 2023.

The dual-fueled VLCCs, which use both diesel and natural gas, join DSME’s growing portfolio of LNG-fueled vessels, which range from container ships to shuttle tankers and liquefied petroleum gas tankers.

“This major deal perfectly proves DSME’s technology for LNG-fueled vessels to shipowners,” one official at the company said.

The company said the new project will require its latest technology as the VLCCs will be equipped with ME-GI engines and fuel tanks made with high-manganese steel.

DSME’s own smart ship solution, known as DS4, will support the new ships in operating more effectively and safely with the company’s natural gas propulsion system. They will also meet the requirements set out in the International Maritime Organization’s Energy Efficiency Design Index, it added.

With the latest orders, the South Korean shipbuilder surpassed 20 percent of its annual order target.

By Yim Hyun-su (hyunsu@heraldcorp.com)