HD KSOE nets $530 million deal to build LNG carrier duo

South Korean shipbuilding giant HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) has received an order to build two liquified natural gas (LNG) carriers for an undisclosed shipowner from Africa.

According to the company’s stock exchange filling, the vessels will be built by HD KSOE’s subsidiary HD Hyundai Heavy Industries. 

The new LNG carriers have a price tag of KRW 698 billion ($530 million). The vessels are slated for delivery by the end of February 2028.

LNG carriers are attracting strategic investments from companies around the world.  These orders reflect the increasing prominence of liquefied natural gas as an efficient energy source, driving demand for specialized carriers to transport LNG.

Yesterday, HD KSOE revealed it won an order for the construction of two crude oil carriers. The tanker duo has been ordered by an unnamed shipping company from Liberia.

Since the beginning of the year, HD KSOE clinched $20.89 billion worth of orders to build 146 vessels and a floating production unit. This represents 132.7 percent of its yearly order target of $15.74 billion.

To remind, 2022 for South Korean shipbuilders was a very successful year when it comes to orders for the construction of the vessels.

The country’s builders won 70 percent (10.1 million CGT) of global orders (14.5 million CGT) for large-scale LNG carriers in a bumper year for the sector which saw a 131 pct rise in orders resulting in 14.5 million CGT. The ordering spree was triggered by heightened demand for LNG tonnage stemming from energy security tensions instigated by Russia’s war in Ukraine.