HD Korea Shipbuilding & Offshore Engineering, a mid-tier holding company of HD Hyundai specializing in shipbuilding, announced on October 15, 2023, that it has signed a contract with a shipping company based in Central Asia to construct four LPG (Liquefied Petroleum Gas) carriers.
Contract Details and Vessel Specifications
The total value of this contract is estimated at 625.8 billion Korean won (approximately 470 million USD). These LPG vessels will be built by HD Hyundai Heavy Industries and are expected to be delivered to the customer by the first half of 2030. This new contract is part of the company's ongoing efforts to expand its operations and improve performance in the maritime transportation sector.
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Developments and Progress This Year
Including this contract, HD Korea Shipbuilding & Offshore Engineering has received orders for 174 vessels worth 19.25 billion USD so far this year. This figure represents 82.6% of the annual order target of 23.31 billion USD (provisional). By vessel type, the company has successfully received orders for 17 LNG carriers, 30 container ships, 57 LPG/ammonia/LCO2 carriers, 11 crude oil tankers, 53 product tankers, 2 PCTCs, 2 RoRos, 1 icebreaker, and 1 FSRU.
These advancements demonstrate the capabilities of HD Korea Shipbuilding & Offshore Engineering in meeting the needs of the global maritime transport market and responding to the growing demand for LPG carriers and other types of vessels. Given the increasing demand for clean fuels and liquefied gases, this contract could help enhance the company's market share in the maritime transportation industry.
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