Gas carrier built by HD Hyundai Heavy Industries. / Hyundai Heavy Industries
HD Korea Shipbuilding & Offshore Engineering (009540), the intermediate holding company for HD Hyundai’s shipbuilding division, has secured a series of contracts worth 2.13 trillion won ($1.5 billion) to build eco-friendly vessels.
HD Korea Shipbuilding & Offshore Engineering announced Wednesday that it had signed supply contracts for eight vessels with shipowners based in Asia and Oceania.
The company agreed to build six container ships for an Asian shipowner at 1.7787 trillion won. The vessels will be constructed at HD Hyundai Heavy Industries (329180) and delivered by the second half of 2029. They will be equipped with dual-fuel propulsion engines running on liquefied natural gas (LNG), which produces lower carbon emissions.
With an Oceanian shipowner, the company signed a 352.1 billion won contract for two very large gas carriers (VLGCs). These vessels, which will feature eco-friendly dual-fuel propulsion engines running on liquefied petroleum gas (LPG), will also be built by HD Hyundai Heavy Industries and delivered in the first half of 2029.
With this latest order, HD Korea Shipbuilding & Offshore Engineering has accumulated a total of 94 vessels worth approximately $10.81 billion (about 15.8258 trillion won) so far this year. This represents 46.4% of its annual order target of $23.31 billion.
By vessel type, the orders include 12 LNG carriers, 26 container ships, 20 LPG and ammonia carriers, 7 crude oil tankers, 26 product carriers (PCs), 2 pure car and truck carriers (PCTCs), and 1 icebreaker.