British shipowner Zodiac Maritime and South Korea’s Sinokor Merchant Marine plan to collaborate on the purchase of several new Panamax container ships.
Industry sources say that Zodiac Maritime and Sinokor Merchant Marine are in talks with HD Hyundai Heavy Industries to build 4+2 new Panamax container ships with a capacity of 13,000 TEU, which are expected to be chartered on a long-term basis to HMM (HMM) in South Korea after completion.
Currently, Zodiac Maritime and Sinokor Merchant Marine have not yet finalized the fuel type. If traditional fuel is used, the cost of each ship will be approximately US$150 million. If a liquefied natural gas (LNG) dual-fuel propulsion system is chosen, the cost of each ship will increase by an additional US$20 million to US$25 million, reaching US$170 million to US$175 million. Based on this calculation, the total value of the shipbuilding project will reach US$1 billion.
According to public information, Sinokor Merchant Marine is one of South Korea’s major shipping companies. Founded in 1989 and headquartered in South Korea, it is known for establishing direct container shipping routes between China and South Korea. Currently, it ranks among the top five South Korean shipping companies in terms of total transport capacity, with routes covering Southeast Asia, the Middle East, Japan, South Korea, and the Russian Far East. If the order is successfully finalized, it will become the largest container ship in the Sinokor Merchant Marine fleet.
According to Clarkson data, including four 8,000 TEU container ships built by HD Hyundai Heavy Industries in 2024, Sinokor Merchant Marine currently has a fleet of approximately 200 ships.
It is worth noting that industry insiders also revealed that “Sinokor Merchant Marine is negotiating with Chinese shipyards for 10,000 TEU to 16,000 TEU container ships, with an expected order size of 10-12 ships.”