On March 10, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced it has secured a contract from a European shipowner to build two liquefied petroleum gas (LPG) carriers. The order is valued at 340.2 billion won (approximately $240 million), with each vessel costing about $120 million.
Industry sources indicate that the order was placed by Belgian shipowner Transpetrol for a Very Large Ammonia Carrier (VLAC).
The new vessels adopt an LPG dual-fuel propulsion system, reducing carbon emissions while reserving design flexibility for future conversion to ammonia fuel propulsion systems as required by shipowners.
The new vessels will be constructed by HD Hyundai Samho and are scheduled for delivery in phases by the second half of 2028.
Including the latest order, HD KSOE has secured orders for 33 new vessels worth $4.79 billion so far this year, achieving 20.5% of its annual order target of $23.31 billion.
By vessel type, this includes 10 liquefied natural gas (LNG) carriers, 10 container ships, 5 LPG/ammonia carriers, 6 crude oil tankers, and 2 product tankers.