South Korea’s largest shipbuilding group announced orders for 14 new vessels within a week, covering three major ship types: container ships, liquefied natural gas (LNG) carriers, and oil tankers, with a total value of nearly $2.5 billion.
On November 24, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced it has signed a contract with HMM to build eight 13,400 TEU LNG dual-fuel container ships. The total contract value amounts to 2.13 trillion won (approximately $1.44 billion), marking the largest single container ship order in HD KSOE’s history since the shipbuilding industry’s supercycle in 2007—a record achieved after an 18-year gap.
This series of container ships will be jointly constructed by HD Hyundai Heavy Industries and HD Hyundai Samho, with 2 vessels for the former and 6 for the latter. Deliveries are scheduled to commence by the first half of 2029. Measuring 337 meters in length, 51 meters in width, and 27.9 meters in height, the new vessels will feature LNG dual-fuel propulsion systems and significantly enlarged fuel tanks—expanded by approximately 50%—to substantially enhance operational efficiency.
Last month, Hyundai Merchant Marine (HMM) announced it would order 12 LNG dual-fuel container ships with a capacity of 13,000 TEU. Eight of these vessels will be constructed by HD Hyundai’s shipyards, while the remaining four will be built by Hanwha Ocean. The total cost for the 12 newbuildings is approximately $2.82 billion.
HMM stated that the project to build 12 new LNG dual-fuel container ships aims to further enhance the competitiveness of its eco-friendly fleet. The company’s fleet currently includes 9 methanol dual-fuel container ships and 2 LNG dual-fuel vessels that are either in operation or under construction. Moreover, this marks HMM’s first major newbuilding project in seven years, following its large container ship order in 2018.
With the announcement of eight new vessels, HD KSOE has secured orders for 69 container ships totaling 720,000 TEU this year, setting a new record for South Korean shipbuilders. This marks the highest order volume since the global economic boom of 2007, when the industry peaked at 793,473 TEU.
Three days ago (November 21), HD KSOE announced the signing of a contract with a European shipowner for the construction of four Very Large Crude Carriers (VLCCs). The total order value amounts to 762.7 billion won (approximately $520 million), with each vessel costing about $130 million. The newbuilds will be constructed by HD Hyundai Samho Heavy Industries and are scheduled for delivery by mid-August 2029.
Including the two LNG carrier orders announced on November 18, HD KSOE secured 14 new vessels within a week, totaling nearly $2.5 billion in value. Industry sources indicate the LNG carrier orders came from BW LNG, with each vessel priced at approximately $253 million—$5 million above the market rate of $248 million.
With the latest orders, HD KSOE has accumulated orders for 116 new vessels worth approximately $16.2 billion this year, achieving 89.9% of its annual order target of $18.05 billion. By vessel type, the orders include 7 LNG carriers, 6 LNG bunkering vessels, 9 LPG/ammonia carriers, 2 ethane carriers, 69 container ships, 40 oil tankers and 3 chemical tankers.