HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Thursday it has secured a 3.72 trillion-won (US$2.59 billion) order to build 12 liquefied natural gas container ships, according to Yonhap.
The company said in a regulatory filing that the vessels were ordered by an unnamed European shipping company, though industry reports suggest the likely client is France’s CMA CGM, one of the world’s top three shipping companies.
The ultra-large container ships, each with a capacity of 18,000 TEU, will be built at the Ulsan shipyard of HD Hyundai Heavy Industries Co.
The deal marks HD KSOE’s first order for 2025. Delivery is slated for December 2028.
HD KSOE has set an ambitious target of $18.05 billion in shipbuilding orders for 2025, up 34 percent from last year’s goal of $13.5 billion.
This is the second time in less than half a year that CMA CGM has ordered large container ships from HD Hyundai. In July 2024, CMA CGM had placed a contract with HD Hyundai for 12 15,500 TEU container ships at a total price of KRW 3.68 trillion (about US$ 2.66 billion at the prevailing exchange rate), with the cost of a single ship at about US$ 222 million. HD Hyundai Heavy Industries and HD Hyundai Samho are building six ships each, which are scheduled to be delivered by June 2028.
It is worth noting that shipbuilding orders are usually settled in US dollars. These two orders of the same ship type would have been similar in cost if they were denominated in Korean won. However, due to the impact of the rising dollar exchange rate, the cost of the latest order for a single ship is US$216 million, which is slightly lower than last year’s US$222 million.
With the latest signing of 12 new ships, HD Hyundai has acquired 24 15,500TEU container ships from CMA CGM. This largest South Korean shipbuilder is strengthening its partnership with CMA CGM and seeking to secure more orders.
Market sources said that CMA CGM is preparing to order up to 34 new ships. In addition to the 12 15,500TEU container ships that have been ordered, CMA CGM is also preparing to order 10 11,000TEU and 12 18,000TEU new ships.
It is reported that CMA CGM is negotiating with Chinese and Korean shipyards for 10 11,000TEU and 12 18,000TEU ships. Korean media reported that HD Hyundai is expected to continue to “grab” 12 LNG dual-fuel 18,000TEU ships.
Driven by the industry boom, liner giants have been placing orders “crazily” in recent years. In the past 2024, new orders for container ships reached 4.4 million TEUs, reaching the second highest level in history. At the beginning of 2025, the container ship order boom seems to be continuing.