On May 23, Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced that it has signed a contract with a European shipowner to build two 18,000 cubic meter liquefied natural gas (LNG) bunkering vessels. The total order value is approximately US$197 million, and the cost of each vessel is approximately US$98.5 million.
The new vessels will be built by HD Hyundai Mipo and is expected to be delivered by the end of November 2027. Industry sources say the order comes from Spanish owner Ibaizabal.
Together with the latest order, HD KSOE has received orders for 55 new vessels worth approximately US$6.7 billion this year, achieving approximately 37% of its annual order target of US$18.05 billion.
By vessel type, it includes one LNG carrier, six LNG bunkering vessels, six liquefied petroleum gas (LPG)/ammonia carriers, two ethane carriers, 34 container ships and six tankers.
In addition to placing an order with Korean shipyard, Ibaizabal has signed a letter of intent with Hudong-Zhonghua on May 19 for the construction of one 18,600-cubic-meter LNG refueling vessel. In July last year, the two parties had signed an order for 1+1 18,600 cubic meter LNG bunkering vessels.
The LNG bunkering vessel market has seen a significant increase in newbuilding activity in recent months. In February, Evalend Shipping, led by Kriton Lendoudis, placed an order for four 18,000 cubic meter bunkering vessels at HD Hyundai Mipo.
According to BRS Shipbrokers data, the LNG bunkering vessel market have seen a record of 10 deliveries and 16 new orders in 2024. By the end of 2024, a total of 57 LNG bunkering vessels were in operation, with another 21 under construction, accounting for 37% of the active fleet.
Geographically, the 57 vessels in operation are deployed in Northern Europe (23), Asia (15), the United States/Caribbean (13), Southern Europe (5) and the Middle East (1).