Since 2024, South Korea’s largest shipbuilding HD Hyundai Group has continued its strong order-taking momentum, having taken orders for 58 ships (seats) worth $7.16 billion (about 9.53 trillion won) achieving 53% of its annual order target of $13.5 billion.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding, announced on March 5 that it has won orders for a total of 14 new ships of five types from February 24th to March 1st.
In terms of ship types, these include four 174,000 m3 liquefied natural gas (LNG) carriers, two 7,500 ceu LNG dual-fuel pure car and truck carriers (PCTCs), two 320,000 dwt very large crude carriers (VLCCs), two 45,000 m3 medium-sized liquefied petroleum gas (LPG) carriers and four 115,000 dwt product tankers.The total value of the series of orders amounted to KRW 2.7218 trillion(about $2.05 billion).
On March 1, HD KSOE signed contracts for the construction of two 45,000 m3 medium-sized LPG carriers and four 115,000 dwt product tankers, with a total order value of KRW 586 billion (approx. USD 438 million), with a European shipping company and an Oceania shipping company, respectively.
The new ships will be built by Hyundai Mipo Shipbuilding and Hyundai Vinashin Shipyard (HVS) and will be delivered by December 2026 and June 2027, respectively. With the latest orders, HD KSOE has exceeded one-half of its annual order intake target.
The remaining three types of eight newbuildings were all signed at the end of Feb. On February 24, HD KSOE signed a construction contract for four 174,000 m3 LNG carriers with Oceania Shipping Company. The total value of the order is 1.4356 trillion KRW (about $1.08 billion), with a single-vessel cost of 358.9 billion KRW (about $270 million), which is the highest price for a 174,000 m3 class LNG carrier to date. The four ‘high-priced’ ships were ordered by Capital Group, led by Greek kingpin Evangelos Marinakis, and are expected to be delivered in January 2028, industry sources said.
On February 26, HD KSOE signed an agreement with Israeli shipping company Ray Car Carriers for two 7,500 ceu LNG dual-fuel PCTCs, with a total order value of approximately 356.3 billion KRW (about $268 million), breaking the current highest construction price in the PCTC newbuilding market. The new PCTCs will be equipped with LNG dual-fuel engines. The new shipbuildings will be built by Hyundai Mipo Dockyard and are expected to be delivered by May 2028.
On February 27, DHT Holdings, a New York-listed tanker shipping company, announced that it has signed a contract with Hyundai Samho Heavy Industries, a subsidiary of HD KSOE, for the construction of two 320,000 dwt VLCCs, valued at a total of 343.9 billion KRW (approx. US$257 million), which are expected to be delivered between April and December 2026.
Including the latest order, HD KSOE has taken orders for 58 new vessels valued at US$7.16 billion (about 9.53 trillion won), achieving 53% of its annual order target of US$13.5 billion. In terms of ship types, it includes 6 LNG carriers, 21 product tankers, 21 LPG/ammonia carriers, 1 Very Large Ethane Carrier (VLEC), 2 Liquefied Carbon Dioxide Carriers, 2 VLCCs, 2 Crude Oil Carriers, 2 Car Car Carriers, and 1 offshore unit.