HD KSOE lands $185.4 million order for two LNG bunkering vessels, exceeding 2024 targets

South Korean shipbuilding major HD Korea Shipbuilding & Offshore Engineering (HD KSOE) revealed that it has obtained a KRW 247.9 billion ($185.4 million) order to construct two liquefied natural gas (LNG) bunkering vessels for an undisclosed, Europe-based shipping company.

The vessels will be built by HD Hyundai Mipo Dockyard, one of HD KSOE’s three shipbuilding units. The construction will take place at its Ulsan shipyard, approximately 300 kilometers southeast of the capital, Seoul.

According to the firm’s stock exchange filing, the two LNG bunkering vessels are slated for delivery by the end of November 2027.

With the latest order, HD KSOE—which received a $237 million commission this July from a ‘mystery’ Europe-based shipowner to construct two very large ammonia carriers (VLACs)—is expected to build on its order momentum with a $16.97 billion worth of contracts for 150 vessels.

This order book reportedly spans a range of vessel types, including eight LNG carriers, two LNG bunkering vessels, 12 container ships, 60 petrochemical carriers, and 44 liquefied petroleum gas (LPG) and ammonia carriers.

In addition to that, HD KSOE has also secured contracts for two liquefied carbon dioxide (LCO2) carriers, six very large crude carriers (VLCC), seven tankers, and an array of specialized vessels, such as two pure car and truck carriers (PCTs), one ethane carrier, one floating storage and regasification unit, one offshore unit, and four specialty vessels.

When it comes to HD KSOE’s order book momentum, the company’s 2024 trajectory has maintained a steady upward trend. In July, HD KSOE landed a huge $2.6 billion contract to build twelve containerships for an undisclosed shipowner, expected to be delivered by the summer of 2028.

This particular order was divided between HD KSOE’s two subsidiaries, HD Hyundai Heavy Industries and HD Hyundai Samho, each of whom would build six boxships.

With the 150-vessel order, which includes the latest two LNG bunkering vessels contract, HD KSOE has passed a ‘significant’ milestone, attaining 125.7% of its 2024 target of $13.5 billion, according to Business Korea.