At the start of 2026, the global new shipbuilding market secured a major order: a liquefied natural gas (LNG) carrier construction project valued at over $1 billion. This also marks the first LNG carrier order secured in 2026.
On January 6, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced it has secured a contract to build four 200,000 m³-class LNG carriers for an American shipowner. The order is valued at 1.4993 trillion won (approximately $1.04 billion), with each vessel costing about $260 million.
The new vessels will be constructed at HD Hyundai Heavy Industries’ Ulsan Shipyard and are scheduled for delivery to the shipowner in the first half of 2029.
HD KSOE’s newly contracted vessels are 200,000 m³ class, measuring 294.8 meters in length, 48.9 meters in width, and 26.7 meters in height. With a larger cargo capacity than conventional 174,000 m³ LNG carriers, they can transport more cargo in a single voyage. Equipped with cutting-edge technologies such as high-efficiency shaft generators and LNG reliquefaction systems, these vessels maximize operational efficiency. For shipowners, this vessel type significantly reduces unit transportation costs and is hailed as a “high-efficiency” ship.
HD KSOE stated: “Against the backdrop of sustained growth in demand for eco-friendly vessels, the company will accelerate the development of environmental technologies while continuing to pursue a core order selection strategy focused on high-value-added vessels.”
Notably, according to an announcement disclosed by HD KSOE, the company has set its annual order target for the shipbuilding and offshore engineering sector at $23.31 billion for 2026, representing a 28% increase compared to the previous year’s figure ($18.16 billion).
In 2025, HD KSOE received orders for 129 new vessels worth approximately US$18.16 billion, achieving 100.6% of its annual order target of $18.05 billion. This means that the company has exceeded its order target for five consecutive years since 2021, with order completion rates of 153.1%, 137.9%, 143.4%, and 154.9% for 2021, 2022, and 2024, respectively.
By vessel type, it includes 7 LNG carriers, 6 LNG bunkering vessels, 11 liquefied petroleum gas (LPG)/ammonia carriers, 2 ethane carriers, 75 container ships, 18 oil tankers, 8 chemical tankers and 2 frigates.