HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced on August 7 that it has signed a contract with a Middle Eastern shipping company for the construction of two medium-sized liquefied petroleum gas (LPG) carriers, with a total order value of KRW 219.5 billion (approx. $159 million) and a single-ship cost of about $79.5 million. The new LPGs will be built by HD Hyundai Mipo and are expected to be delivered in April 2027.
Including the latest order, HD KSOE has taken orders for 146 new vessels valued at about $16.56 billion, achieving 122.6% of its annual order target of $13.5 billion. HD KSOE last announced a new vessel order on July 15 for 12 15,500 TEU liquefied natural gas (LNG)-powered dual-fuel containerships with French shipping giant CMA CGM, and with this order, HD KSOE became the first of South Korea’s three largest shipbuilding companies (HD Hyundai, Hanwha Ocean, and Samsung Heavy Industries) to meet its annual order target ahead of schedule, marking the fourth consecutive year from 2021 to 2024 that the company has achieved its annual target ahead of schedule.
By vessel type, it includes 8 liquefied natural gas (LNG) carriers, 60 product tankers, 42 liquefied petroleum gas (LPG)/ammonia carriers, 12 large containerships, 1 very large ethane carrier (VLEC), 2 liquefied carbon dioxide carriers, 6 very large crude carriers (VLCC), 7 medium-sized crude carriers, 2 car carriers (PCTC) , 1 Floating Storage and Regasification Unit (FSRU), 1 Offshore Unit, and 4 Specialty Vessels.