HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, has successively announced orders for seven new vessels across two types. All vessels will be constructed by HD Hyundai Heavy Industries and include liquefied natural gas (LNG) carriers and container ships.
On February 26, HD KSOE announced that it has signed a contract with an Oceania-based shipowner for the construction of one LNG carrier, valued at 367.8 billion won (approximately $254 million). The new vessel will be built by HD Hyundai Heavy Industries and is scheduled for delivery in the second half of 2028.
Although HD KSOE did not disclose the shipowner’s identity, industry sources indicate the order was placed by Greek shipowner Tsakos, with reports suggesting the contract includes options for additional vessels. Earlier this month, shipping brokers revealed that the shipowner is evaluating investments in LNG carrier construction.
Currently, Tsakos operates two 174,000 m³ LNG carriers, both constructed by HD Hyundai Heavy Industries and delivered in 2016 and 2022 respectively. The company’s fleet structure exhibits diversification, encompassing tankers (including shuttle tankers), bulk carriers, and container ships, while maintaining a substantial order book for newbuildings.
Tsakos Energy Navigation (TEN), the U.S.-listed subsidiary of Tsakos, currently operates a fleet of 82 vessels (including those under construction), comprising crude oil tankers, product tankers, and LNG carriers.
One day after announcing an LNG carrier order (on the 27th), HD KSOE announced another new shipbuilding contract, signing an agreement with an Asian shipowner for the construction of six container ships. The total order value stands at 372.4 billion won (approximately $258 million), translating to a per-vessel cost of roughly $43 million.
The six container ships will be constructed by HD Hyundai Heavy Industries and are scheduled for delivery in the first half of 2028.
Including the latest orders, HD KSOE has secured orders for 25 new vessels worth $3.36 billion so far this year, achieving 14.4% of its annual order target of $23.31 billion.
By vessel type, the fleet comprises 6 LNG carriers, 10 container ships, 3 liquefied petroleum gas (LPG)/ammonia carriers, 4 very large crude carriers (VLCCs) and 2 product tankers.