HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, has undertook orders for about 150 billion won ($159 million), nearing 90 percent of its annual target.
On June 10, HD KSOE announced that it has signed a contract for the construction of two product tankers with a Middle Eastern shipping company, for an order value of approximately 150 billion won (approximately $159 million), with a cost of approximately $79.5 million per vessel. The new product tankers will be built by HD Hyundai Mipo and are expected to be delivered to the owner in December 2026.
Not long ago, HD KSOE also announced an order for two 50,000 dwt MR product tankers with a European regional shipping company, with an order value of 137.2 billion won (about $100 million) and a single-vessel cost of about $50 million. The new shipbuildings will be built by HD Hyundai Vietnam Shipbuilding and are expected to be delivered in December 2027. According to industry sources, the order is from Greek owner Chios Navigation and will run on conventional fuel with scrubbers.
Currently, Chios Navigation owns five bulk carriers and three tankers with an average fleet age of 11 years.
Including the latest order, HD KSOE has taken orders for 112 new vessels valued at about $12.11 billion, achieving 89.7% of its annual order target of $13.5 billion.
In terms of vessel type, it includes 8 liquefied natural gas (LNG) carriers, 48 product tankers, 36 liquefied petroleum gas (LPG)/ammonia carriers, 1 very large ethane carrier (VLEC), 2 liquefied carbon dioxide carriers, 6 very large crude carriers (VLCCs), 3 medium-sized crude carriers, 2 pure car and track carrier (PCTCs), 1 FSRU, 1 offshore unit, and 4 special vessels.