South Korean shipbuilding group HD Hyundai is securing new vessel orders for its overseas shipyard, HD Hyundai Heavy Industries Philippines (HHIP); the latest project involves four very large crude carriers (VLCCs).
According to the latest weekly report from shipbroker Xclusiv Shipbrokers, the Hong Kong-based South Korean shipowner Cido Shipping has placed an order with HD Hyundai Heavy Industries Philippines for four 300,000 DWT VLCCs. The vessels are priced at approximately $130 million each—bringing the total contract value to around $520 million—and are scheduled for delivery between 2029 and 2030.
To date, neither the shipowner nor the shipbuilder has issued an official announcement confirming the shipbuilding contract. Should the order be confirmed, it would further expand Cido Shipping’s orderbook in the tanker sector; the shipowner has been active with newbuilding projects across various tanker segments in recent years.
After nearly a decade of fleet downsizing, Cido Shipping returned to the newbuild market in 2020 by ordering two 300,000 DWT VLCCs from HD Hyundai Heavy Industries, and the following year, it ordered 2+2 15,900-TEU container ships from the same shipyard to re-enter the container shipping business.
Notably, in July 2024, market reports indicated that Cido Shipping had placed orders for 38 new vessels across various types—totaling nearly $2.7 billion—to modernize and expand its fleet. These orders included: 12 dual-fuel car carriers (7,600-vehicle capacity) to be built by China Merchants Heavy Industry (Jiangsu); 10 LR2 product tankers by Shanhaiguan Shipbuilding Industry Co., Ltd. (SHGSIC); and 4 Suezmax tankers by HD Hyundai Heavy Industries, along with 4 LR2 product tankers and 4+4 MR product tankers by HD Hyundai Vietnam Shipbuilding.
HD Hyundai Heavy Industries Philippines—the yard involved in this VLCC newbuilding project—is no stranger to Cido Shipping. HD Hyundai Heavy Industries has transferred the construction of four tankers previously ordered by this shipowner to the Philippine yard; delivery is scheduled for 2027 and 2028. Construction on some of the vessels has already commenced, with a build cycle of 16 to 18 months per ship.
HD Hyundai Heavy Industries Philippines is a wholly-owned shipbuilding subsidiary established in the Philippines by HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in 2024, with operations officially commencing in the fourth quarter of 2025. The shipyard conducts its shipbuilding activities by leasing Dry Dock No. 1 of the former Subic shipyard for a ten-year term. The launch of HD Hyundai Heavy Industries Philippines also marks the resumption of shipbuilding operations at the Subic shipyard after a hiatus of many years.