On June 1, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced that it had signed a contract with an Asian shipowner to build eight Very Large Gas Carriers (VLGCs). The total value of the order is 1.4161 trillion won (approximately $924.6 million), translating to a unit price of $115.6 million. The new vessels will be built by HD Hyundai Heavy Industries and are expected to be delivered in full by the first half of 2030.
Including the latest orders, HD KSOE has secured orders for 123 new vessels worth $14.17 billion this year, achieving 60.8% of its annual order target of $23.31 billion.
By vessel type, the order book includes 16 liquefied natural gas (LNG) carriers, 28 container ships, 36 liquefied petroleum gas (LPG)/ammonia carriers, 7 crude oil tankers, 33 product tankers, 2 car carriers, and 1 icebreaker.
Although HD KSOE did not disclose the shipowner’s identity, two days prior to the shipyard’s announcement (on May 30), BW LPG, a liquefied petroleum gas (LPG) tanker owner and operator, announced that it had signed a contract with HD Hyundai Heavy Industries for eight 90,000-cubic-meter VLGCs, which are expected to be delivered between early 2029 and the second quarter of 2030.
BW LPG stated that this bulk order for newbuilds is a key component of the company’s fleet renewal plan and is also driven by the strong long-term fundamentals of the LPG market. The new series of vessels features the most flexible design, which will enhance the commercial operations and flexibility of the fleet while further expanding its size.
According to its official website, BW LPG is a leading global owner and operator of LPG carriers, with a fleet of approximately 50 VLGCs, more than 20 of which are equipped with LPG dual-fuel propulsion systems. BW LPG is a subsidiary of the international shipping company BW Group, whose business operations span shipping, floating infrastructure, deepwater oil and gas production, and new sustainable energy technologies.
Founded in 1955, the BW Group currently operates a fleet of over 400 vessels capable of transporting cargo such as oil, liquefied gas, and dry bulk. In particular, the BW Group operates a fleet of 200 LNG and LPG carriers, making it the world’s largest liquefied gas carrier fleet.