On September 29, HD Hyundai Mipo, a shipbuilding subsidiary of HD Hyundai Group, announced that it has signed a contract with Oceania Shipping to build three feeder container vessels. The order is valued at 222.4 billion won (approximately $159 million) and is scheduled for delivery by October 2027.
The order includes two 2800TEU container vessels and one 1800TEU container vessel: the 2800TEU container vessels are 186 meters long, 35 meters wide, and 17.4 meters high; the 1800TEU container vessel is 172 meters long, 27.4 meters wide, and 14.3 meters high. The new vessels feature a new hull design that can achieve up to 20% fuel savings while reducing carbon dioxide emissions.
Typically, container vessels under 3,000 TEU are classified as feeder vessels, primarily serving to connect regional ports in areas inaccessible to large container vessels with hub ports. This vessel type can be deployed without requiring the expansion of dedicated large-scale terminal facilities. Leveraging advantages such as shorter routes, high turnover rates, and lower fuel costs, it is regarded as a highly profitable vessel type.
Clarksons Research forecasts that the feeder container vessel market will reach $2.74 billion by 2025, with short-haul shipping demand centered on Asia and Europe growing rapidly amid rising freight rates. Additionally, approximately 30% of feeder container vessels are over 20 years old, signaling that this sector is entering a renewal cycle. Annual growth is projected to reach 8.7%, expanding the market to $6.34 billion by 2035.
To date, Hyundai Heavy Industries’ Ulsan Shipyard has secured orders for 21 feeder container vessels, marking a significant increase from the six vessels secured last year.