HD Hyundai Mipo seals $162M contract for two new LPG vessels
South Korean shipbuilder HD Hyundai Mipo (HMD) has clinched an order for two liquefied petroleum gas carriers (LPGCs) valued at KRW 230.6 billion (approximately $161.8 million).
The Ulsan-headquartered shipbuilding player did not disclose the shipowner. However, market rumours suggest that the Netherlands-based energy and oil/gas sector company Nieto Trading might have been the one to place the booking.
According to HD Hyundai Mipo’s stock exchange filing, the contract end date is anticipated for the last stretch of July 2027, upon which the vessels are expected to be handed over.
Over the past couple of years, HMD, as well as HD Korea Shipbuilding & Offshore Engineering (HD KSOE), both of which are part of the Seoul-based giant HD Hyundai Group, have signed numerous contracts for gas carriers.
For instance, at the beginning of January this year, HMD cut the first steel for a 46,000 cbm liquefied petroleum gas carrier, which will be fitted with an ammonia dual-fuel engine. The vessel, ordered by Belgian shipping player EXMAR, is part of a six-unit strong batch consisting of dual-fuel LPG/ammonia midsize gas carriers (MGCs) that EXMAR booked via its joint venture with Seapeak.
What is more, Turkish shipping company Pasco Gas commissioned HD Hyundai Mipo for the construction of two midsize 45,000 cbm LPG carriers in 2023, one at the start and another added at the end of that year.
As divulged, these units—together with two ships being built for Purus, a Singapore- and Hong Kong-based provider of maritime services for the gas transport and offshore wind industries—will feature Finnish technology company Wärtsilä’s cargo handling systems.
On the other hand, HD KSOE is expected to hand over at least eight gas carriers by the end of the third quarter of 2027, of which four are LPG carriers and four very large ammonia carriers (VLACs). To be specific, in January 2024, HD KSOE clinched an order for a VLAC duo and an LPGC duo under a KRW 317 billion (circa $240 million) contract. The newbuilds are set to join their Oceania-based owner’s fleet by the end of March 2027.
The following month, the shipbuilder was tapped by a shipping firm with headquarters in Africa as well as one based in Asia for two VLACs and a pair of liquefied petroleum gas carriers, respectively. The former maritime transportation player cashed out about $241.3 million and is projected to welcome the units by the end of February 2027, while the latter company splashed around $129 million and will reportedly add the newbuildings to its roster by October 2026.
