HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced on April 3 that it has signed a contract for the construction of four product tankers with Asian shipping, with a total order value of 278.9 billion won (about $207 million). The new product tankers will be constructed by HD Hyundai Mipo and are expected to be delivered to the owner by August 2026.
This is the second new shipbuiding order announced this week by HD KSOE, which has announced on April 1 that it has signed a contract for the construction of four 45,000 m3 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 (approx. US$440 million).
The four medium-sized LPG carriers are being built by HD Hyundai Mipo with an order value of approximately KRW 420.7 billion and are expected to be delivered in May 2027. While the two 115,000 dwt product tankers are being built by HD Hyundai Vietnam Shipbuilding, a joint venture between HD Hyundai Mipo and Vietnam National Shipping Corporation, with an order value of approximately KRW 191.5 billion and are expected to be delivered to the owner in November 2027.
According to industry sources, the shipping company behind the four 45,000 m³ medium-sized LPG carriers is Capital Maritime, which is dominated by Greek owner Evangelos Marinakis.
Including the latest order, HD KSOE has taken orders for 82 new vessels valued at about $9.39 billion, achieving 69.6% of its annual order target of $13.5 billion.
Classified by ship type, it includes 6 liquefied natural gas (LNG) carriers, 32 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 (VLCCs), 3 medium-sized crude carriers, 2 car carriers (PCTCs), 1 FSRU and 1 offshore unit.