HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced on April 1 that it has signed a contract for the construction of four 45,000 cbm medium-sized liquefied petroleum gas (LPG) carriers and two 115,000 dwt product tankers with European shipping companies, with the total value of the order amounting to KRW 612.2 billion (about $440 million).
Among them, four 45,000 cbm LPG carriers will be built by HD Hyundai Mipo with an order value of about KRW 420.7 billion and are expected to be delivered in May 2027, while two 115,000 dwt product tankers will be built by HD Hyundai Vietnam Shipbuilding, a joint venture between HD Hyundai Mipo and Vietnam National Shipping Corporation, with an order value of about KRW 191.5 billion and are expected to be delivered to the owner in November 2027. Notably, this is the first new ship order made public by HD Hyundai Mipo and HD Hyundai Vietnam Shipbuilding after the name change announced last week.
Industry sources said that the shipping company behind the four 45,000 cbm medium-sized LPG carriers is Capital Maritime, which is controlled by Greek owner Evangelos Marinakis.
Including the latest order, HD KSOE has taken orders for 78 new vessels valued at $9.19 billion, achieving 68% of its annual order target of $13.5 billion.
By vessel type, it includes 6 liquefied natural gas (LNG) carriers, 28 product tankers, 28 liquefied petroleum gas (LPG)/ammonia carriers, 1 very large ethane carrier (VLEC), 2 liquefied carbon dioxide carriers, 6 very large crude carriers (VLCC), 3 medium-sized crude carriers, 2 pure car and track carriers (PCTC), 1 FSRU, and 1 offshore unit.