HD Hyundai Group has already achieved one-third of its annual order target of US$13.5 billion in the first month of 2024 with a “strong” start to the year with new ship orders for 36 vessels valued at approximately US$4.49 billion.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding, announced on Jan. 31 that it recently signed a contract for the construction of two crude tankers with an Oceania-area shipping company; and a contract for the construction of the upper module of an offshore platform with a Middle Eastern customer.
The order for two crude tankers, valued at about 230.6 billion won (about $172 million), will be built by Hyundai Samho Heavy Industries and is expected to be delivered in July 2026.
While an order for offshore platform upper module worth about 1.533 trillion won (about $1.147 billion) will be built by HD Hyundai Heavy Industries Ulsan Shipyard with delivery expected in April 2028.
Together with the latest order, HD KSOE has taken orders for 36 new vessels worth about $4.49 billion this year, realizing 33.3% of its annual order target of $13.5 billion. By vessel type, it includes 2 liquefied natural gas (LNG) carriers, 15 product tankers, 15 liquefied petroleum gas (LPG)/ammonia carriers, 2 tankers, one VLEC, and 1 offshore unit.
The two crude tankers are understood to be the second order announced by Hyundai Samho Heavy Industries this year. The first order was placed by Nakilat, a Qatari LNG marine operator and liquefied natural gas (LNG) shipping company, which includes two 174,000 m3 LNG carriers and four 88,000 m3 ultra-large LPG/liquid ammonia carriers, with a total order value of about $950 million, and is expected to be delivered between 2026 and 2027.
Earlier this year, Hyundai Samho Heavy Industries set its 2024 order target at $3.2 billion; HD Hyundai Heavy Industries’ 2024 merchant ship order target is $5.2 billion; and Hyundai Mipo Shipbuilding’s order target is $3.1 billion.
On January 9, Hyundai Mipo Dockyard has received an order for 15 MR product tankers with a total contract value of 942.5 billion won (about $720 million) and a single-vessel construction cost of $48 million. The order was placed by Pertamina International Shipping (PIS), a shipping subsidiary of Pertamina.
