On April 3, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a subsidiary of HD Hyundai, announced that its shipyards had secured orders for 12 new vessels, including liquefied petroleum gas (LPG) carriers and product tankers. The total value of the orders is 1.2 trillion won (approximately $800 million/approximately RMB 5.5 billion), with delivery expected between 2028 and 2029.
Including the latest orders, HD KSOE has secured orders for 66 new vessels worth $6.74 billion (approximately 10 trillion won) so far this year, achieving 28.9% of its annual order target of $23.31 billion.
HD KSOE stated that its 2025 performance figures were driven by the supercycle in the shipbuilding industry. Against this backdrop, the company has raised its 2026 new ship order target by 29% to $23.31 billion, continuing its aggressive business strategy.
An industry source stated: “Taking HD KSOE as an example, high-value-added vessel types such as LNG carriers account for a significant portion of its order book, resulting in strong profitability per vessel. The company has secured a backlog of orders for the next three to four years, providing high visibility into its future performance. Since orders secured in 2026 will determine revenue from 2028–2029 onward, shipbuilders have been actively pursuing new orders since the beginning of the year.”
However, the competitive landscape for South Korean shipbuilders in the global shipbuilding market remains challenging.
According to Clarksons data, global new ship orders in February 2026 totaled 5.21 million corrected gross tons (163 vessels), a 15% increase from the same period last year (4.52 million corrected gross tons). This represents a 23% decrease from the previous month (6.76 million CGT). During this period, Chinese shipbuilders dominated the market with 4.15 million CGT (131 vessels) in orders and an 80% market share; in contrast, South Korean shipbuilders secured only 570,000 CGT (17 vessels) in new orders, with their market share dropping to 11%, placing them in second place.