On October 20, HD 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 Hyundai Merchant Marine (HMM), South Korea’s largest container shipping operator, to build two Very Large Crude Carriers (VLCCs).
The total order value amounts to 363.3 billion won (approximately $256 million), with each vessel priced at around $128 million. The new vessels will be constructed by HD Hyundai Heavy Industries and delivered sequentially starting in the second half of 2027.
According to reports, HD KSOE has secured orders for 95 new vessels so far this year, with a total value of $12.76 billion. Including the latest contract, this represents 70.7% of its annual target of $18.05 billion.
On October 16, HMM announced to order 12 13,000 TEU LNG-fueled dual-fuel container ships and 2 VLCCs. The 12 container ships will be constructed by Hyundai Heavy Industries and Hanwha Ocean, while the shipbuilder for the 2 VLCCs had not yet been announced at the time.