Recently, Hyundai Mipo Dockyard, a shipbuilding subsidiary of HD Hyundai Group, received two 7,500 ceu liquefied natural gas (LNG) dual-fuel pure car and truck carriers (PCTCs) at a total order price of KRW 356.3 billion (approx. USD 268 million), which is already more than the price of 320,000 dwt very large crude carriers (VLCCs) for a single vessel.
According to the latest news, the two latest 7,500 ceu LNG dual-fuel PCTCs undertook by Hyundai Mipo Dockyard are expected to be delivered by May 31, 2028 by the owner of the Israeli shipping company Ray Car Carriers. The series of PCTCs are high-specification vessels using LNG fuel, with a single-vessel cost of USD 134 million. With this order, Hyundai Mipo Dockyard has succeeded in breaking the current highest cost in the PCTC newbuilding market.
At the end of February, Hyundai Glovis, the shipping and logistics arm of South Korean automotive giant Hyundai Motor Group, announced that it had entered into an agreement with Shanghai Waigaoqiao Shipbuilding (SWS) and Guangzhou Shipbuilding International (GSI) for the construction of two 10,800 ceu LNG dual-fuel PCTCs, with a total value of approximately USD 488 million and a single-vessel construction cost of approximately USD 122 million. The total value is about USD 488 million and the cost of each unit is about USD 122 million.
As the world’s first 10,800 ceu LNG dual-fuel PCTC, the cost is $12 million lower than that of the 7,500 ceu LNG dual-fuel PCTC undertaken by Hyundai Mipo Dockyard. According to Clarkson’s latest data, the current market price of 7,000 ceu PCTC is $97 million.
Compared to the Clarkson newbuilding market price, the unit cost of the PCTC order in Hyundai Mipo Dockyard is also higher than that of a 320,000 dwt VLCC (USD 128 million) or a 91,000 cbm Very Large Gas Carrier (VLGC) (USD 116.5 million).
It is understood that this order increases the number of PCTC newbuildings Ray Car Carriers has ordered from HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding, to 10, of which six are to be built by Hyundai Mipo Dockyard and four by Hyundai Samho Heavy Industries.