HD HMD to Sign Order for 15 Product Tankers with a Total Value of $720 Million

Jakarta-based Pertamina International Shipping (PIS) is in the final stages of negotiations with HD Hyundai Group’s shipbuilding subsidiary Hyundai Mipo Dockyard (HD HMD) for 15 MR product tankers, according to Trade Winds sources. The order, with a total value of $720 million and a single-vessel cost of $48 million, is expected to be formally finalized in early January 2024, sources said.

Since this year, HD HMD has signed a number of orders for product tankers. By incomplete statistics, HD HMD received an order for 2 product tankers from an African shipowner with a total value of KRW 117.3 billion, scheduled to be delivered by July 2026; received an order for 2 product tankers from an Asian shipowner with a total value of KRW 122.3 billion (approx. US$ 93.26 million), scheduled to be delivered by December 2025; and announced an order for 2 product tankers from a Canadian shipowner, the with a total value of 127 billion KRW (approx. 95.9 million USD), scheduled for delivery by March 2025.

So far, Korea Shipbuilding & Offshore Engineering Co., Ltd.(HD KSOE), the intermediate holding company of HD Hyundai Group’s shipbuilding business, including HD Hyundai Heavy Industries, Hyundai Samho Heavy Industries(HSHI) and HD HMD, has taken orders for 158 new vessels (seats) valued at $22.32 million this year, which is 141.9% of its annual target of $15.74 billion in annual orders.

By 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.

It is understood that Pertamina International Shipping was established in 2016 as a spin-off company of PT Pertamina (Persero), Indonesia’s state-owned energy company. Subsequently, PIS became a sub-holding company of Integrated Maritime Logistics (IML) to carry out shipping, maritime services and logistics business. As an IML sub-holding, PIS owns more than 400 vessels, six fuel and LPG storage terminals, and operates 140 ports. Since 2016, PIS has opened two offices in Asia Pacific and the Middle East to meet the growing needs of its international customers, with its vessels sailing on 50 international routes around the world.

Yangzijiang Shipbuilding

Most Popular