Korea Shipbuilding & Offshore Engineering Co., Ltd.(HD KSOE) announced on December 15 that it recently signed a contract with an Oceania-based shipowner for the construction of three 98,000 m3 very large ethane carriers (VLECs), with a total order value of approximately $500 million (approximately KRW 658.9 billion), and a single-vessel cost of approximately $167 million, which are scheduled to be delivered to the owner in sequence in the first half of 2027.
The owner of the order is reported to be Japanese shipping giant Merchant Marine Mitsui (MOL).
As high value-added vessels, the VLECs are 230 meters long, 36.5 meters wide and 22.8 meters high and will be built by HD Hyundai Heavy Industries Ulsan Shipyard and are designed to be operated at a temperature of minus 94 degrees Celsius.
This is the second VLEC order won by HD Hyundai Heavy Industries in a month.On November 17, HD Hyundai Heavy Industries signed an order for two 98,000-cubic-meter-class VLECs with Purus Marine, a UK-based shipping company, with an order value of about US$340 million (approx. KRW444 billion). The order is for $170 million per vessel, the highest price for a VLEC, and its vessel price is about $3 million higher than the latest order.
Including the latest order, HD KSOE has taken orders for 158 new vessels (seats) valued at $223.2 this year, accomplishing 141.9% of its annual order target of $15.74 billion.
In terms of vessel type, it includes 39 LNG carriers, 37 product tankers, 29 container ships, 34 LPG/ammonia carriers, 7 tankers, 4 car carriers (PCTC), 2 liquefied carbon dioxide (LCO2) carriers, 5 ethane carriers, and 1 FPU. Of these, the order book for natural gas carriers has amassed a total of 80 vessels, which is the leading position in the market.
