On December 2, 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 an Asian shipowner to build a liquefied natural gas (LNG) carrier, with a total order value of 367.2 billion won (approximately US$250 million). The new vessel will be built by HD Hyundai Samho and is expected to be delivered in the second half of 2028.
With the latest orders, HD KSOE has received orders for 117 new vessels this year, worth approximately US$16.52 billion, achieving 91.5% of its annual order target of US$18.05 billion.
By vessel type, it includes 8 LNG carriers, 6 LNG bunkering vessels, 9 liquefied petroleum gas (LPG)/ammonia carriers, 2 ethane carriers, 71 container ships, 18 oil tankers and 3 chemical tankers.
The day before this order announcement (1st), HD Hyundai Group ushered in a large-scale restructuring after 6 years. The merger process between its shipbuilding subsidiary HD Hyundai Heavy Industries and HD Hyundai Mipo was completed, and it officially set sail under the new identity of “Integrated HD Hyundai Heavy Industries”.
Following the merger, HD Hyundai aims to expand its defense business revenue to 10 trillion won by 2035 by integrating HD Hyundai Heavy Industries’ shipbuilding expertise with HD Hyundai Mipo’s docks, facilities and human resources. This represents a nearly tenfold increase compared to the combined defense revenue of 1.1447 trillion won recorded by both companies in 2024.
Furthermore, the new company has set a development target of achieving 37 trillion won in operating revenue by 2035. In 2024, HD Hyundai Heavy Industries and HD Hyundai Mipo achieved operating revenues of 14.5 trillion won and 4.63 trillion won, respectively.