HD KSOE wins $312M shipbuilding contract for ethane carrier duo

March 5, 2025, by Sara Kosmajac

South Korean shipbuilding giant HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has bagged a KRW 458.8 billion (around $312 million) order from an undisclosed Asian shipping company to construct two very large ethane carriers (VLECs).

It is understood that the two ethane carriers are set to be built at the HD Hyundai Heavy Industries’ shipyard in Ulsan.

As informed, HD KSOE clinched the contract on February 28, 2025. According to the South Korean player’s stock exchange filing, the two newbuildings are anticipated to be handed over by the end of December, 2028.

In addition to this order, HD Korea Shipbuilding & Offshore Engineering—which has its headquarters in South Korea’s fourth largest city, Seongnam—recently clinched another major contract, this time with French shipping heavyweight CMA CGM.

Specifically, at the end of January this year, the Marseille-based CMA CGM commissioned HD KSOE to construct twelve liquefied natural gas (LNG)-powered dual fuel 18,000 TEU container vessels in a deal estimated at a whopping KRW 3.7 trillion (about $2.57 billion).

As per data from Greek shipbroker Intermodal, the ‘mega’ containerships are also slated for delivery by the end of December 2028.

CMA CGM books 12-unit-strong LNG dual-fuel containership fleet at HD KSOE

Business Developments & Projects

Having concluded 2024 with $20.56 billion in orders, HD KSOE was cited by several local news outlets in early January 2025 as aiming to secure over $18 billion in contracts for the year, with a strategic focus on eco-friendly and high-end vessels.

More recent data from South Korean news outlets, however, indicates that HD KSOE has already won 21 shipbuilding contracts this year, believed to be worth $3.58 billion, which translates to a 19.8% completion of the company’s target for 2025.

Additionally, among the units that HD Korea Shipbuilding & Offshore Engineering is projected to hand over within the next two years are the pair of very large ammonia carriers (VLACs) booked by an undisclosed shipowner from Oceania in October 2024.

The newbuildings—the contract for which is valued at KRW 339.6 billion (about $250 million)—are reportedly going to join their owner’s fleet by the end of September, 2027.