South Korea’s shipbuilding major HD Korea Shipbuilding & Marine Engineering (HD KSOE) has signed contracts for the construction of two crude oil carriers and two PCTCs.
The tanker duo has been ordered by an unnamed shipping company from Oceania, HD KSOE said in a stock exchange filing. Meanwhile, the two PCTCs will be built for a shipper in the Middle East.
The two car carriers will be constructed at Hyundai Mipo Dockyard, one of three KSOE’s subsidiaries. The value of the contract is KRW 363 billion ($268 million). The ships are slated for delivery by the end of May 2028.
On the other hand, the oil tanker duo will be built at KSOE’s division Hyundai Samho Heavy Industries. The shipbuilding company plans to deliver the vessels by the end of December 2026. The price tag for the units is KRW 343 billion ($256 million).
Since the beginning of this year, HD KSOE has secured orders for 52 ships, including VLACs, LPG carriers , ethane carriers , oil tankers, petrochemical carriers and LNG carriers. The latest order encompasses the construction of four LNG carriers to be built under KRW 1.43 trillion ($1.08 billion).
The shipbuilding major has already achieved around 50 percent of its yearly target of $13.5 billion.
As the maritime industry charts a course for robust growth, Clarksons Shipbroking foresees a substantial increase in global shipbuilding activities, primarily driven by the growth in South Korean output.
Clarksons’ estimations project a noteworthy 40 million compensated gross tonnage (CGT) output for the consecutive years of 2024 and 2025. 2023 was a record year for car carrier orders, with 80 orders of $8.1bn, 79% alternative fuelled, rising to 98% including “ready” orders.