HD Korea Shipbuilding Wins Two LNG Carrier Order

The shipbuilding firm HD Korea Shipbuilding & Offshore Engineering, a subsidiary of South Korean conglomerate Hyundai, has secured a contract for two liquefied natural gas carriers valued at 662.9 billion won ($479.1 million). This significant deal was announced on November 9, with HD Korea Shipbuilding & Offshore Engineering disclosing the agreement with an African shipping company.

The contract stipulates that the vessels will be constructed by HD Hyundai Heavy Industries in Ulsan and delivered to the client by the second half of 2029.

The firm's order book for the year has now reached 195 ships worth $21.69 billion, surpassing its initial annual target of $23.31 billion by 93.1%. This achievement can be attributed to the company's strategic focus on high-value-added vessels. In particular, gas carriers, including 19 LNG carriers, have played a crucial role in meeting this target. These environmentally friendly and economically advantageous ships constitute a substantial portion of the orders received.

Beyond LNG carriers, HD Korea Shipbuilding & Offshore Engineering has diversified its portfolio, securing orders for a variety of ship types. This includes 62 liquefied petroleum gas, ammonia, and liquefied carbon dioxide carriers, 38 container ships, 59 petrochemical product carriers, and 11 crude oil tankers. The firm has also placed orders for two pure car and truck carriers, two roll-on/roll-off vessels, and two additional vessels.

The company's selection of orders has contributed to the achievement of its target. As the firm continues to prioritize high-value-added ships in its order strategy during the second half of the year, there is an increased likelihood of meeting the remaining targets.