On November 18, 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 a North American shipowner for the construction of two liquefied natural gas (LNG) carriers. The total order value amounts to 741.2 billion won (approximately $506 million), with each vessel costing about $253 million.
The new vessels will be constructed by HD Hyundai Samho and are scheduled for delivery to the shipowner in phases by the second half of 2028.
Referring to Clarkson’s data released in early November, the current market price for a 174,000 m³ class LNG carrier stands at approximately $248 million. In comparison, HD Hyundai Samho Heavy Industries’ contract price is $5 million above the market level.
Including its overseas shipbuilding bases, HD Hyundai’s shipyards have taken delivery of 8+2 new vessels since November. This includes 2+2 Suezmax tankers and 2 container ships for HD Hyundai Heavy Industries, 2 chemical tankers for HD Hyundai Mipo, and 2 LNG carriers recently announced by HD Hyundai Samho. In addition, HD Hyundai Vietnam Shipbuilding has received delivery for 2 Aframax tankers.
Including the latest orders, HD KSOE has secured a total of 104 newbuilding orders this year, valued at approximately $14.24 billion, achieving 78.9% of its annual order target of $18.05 billion. By vessel type, its order book includes 7 LNG carriers, 6 LNG bunkering vessels, 9 LPG/ammonia carriers, 2 ethane carriers, 61 container ships, 16 oil tankers and 3 chemical tankers.
It is noteworthy that the newbuilding market for LNG carriers was not active in 2025. Prior to HD Hyundai’s latest order announcement at Samho Heavy Industries, Hanwha Ocean announced an order from Hanwha Shipping on October 1st, with only 50 days separating the two orders.
Including the two new vessels mentioned above, global shipowners have placed orders for a total of 20+1 LNG carriers this year, with South Korean shipyards receiving 18+1 vessels and US shipyards receiving 2. The majority of the construction work for the two vessels ordered by Hanwha Philly Shipyard will also be completed by Hanwha Ocean. So far this year, Chinese shipyards have not announced any new orders for this type of vessel.
Although the LNG market has been sluggish this year, the industry anticipates a significant surge in demand for LNG carriers in the future, with prospects for further expansion. This outlook stems from the anticipated restart of LNG projects in the United States and Europe. Additionally, Philippe Berterottière, Chairman and CEO of France’s GTT, forecasts that global demand for LNG carriers will increase by over 150 vessels.