On July 1, HD Korea Shipbuilding & Offshore Engineering (HD KSOE)—the intermediate shipbuilding holding company of HD Hyundai—announced contracts to build one LNG floating storage and regasification unit (LNG-FSRU) and one LNG carrier. The total order value is 885 billion KRW (approximately $570 million), with the FSRU and LNG carrier priced at 492.8 billion KRW (approx. $320 million) and 392.2 billion KRW (approx. $250 million), respectively.
These vessels will be constructed by HD Hyundai Heavy Industries, with delivery to the shipowner expected by the first half of 2029. Market reports indicate that the LNG-FSRU order involves BW LNG and specifies a capacity of 170,000 cubic meters.
An FSRU (Floating Storage and Regasification Unit) is a specialized vessel capable of regasifying LNG at sea and supplying it to shore; it is also known as a “floating LNG terminal.” Compared to onshore LNG terminals, FSRUs offer advantages such as lower initial investment costs and shorter construction periods.
As a leading builder of high-value-added vessels, HD Hyundai Heavy Industries holds the record for the highest number of FSRU orders globally; with this latest contract, the company has secured a cumulative total of 14 FSRU orders. Notably, HD Hyundai Heavy Industries built the world’s first LNG-FSRU, the 170,000-cubic-meter “Independence”, for Norway’s Höegh LNG back in 2014.