Korea's Hyundai Mipo Dockyard sweeps up global orders in midsized vessels

[Source: Korea Shipbuilding & Offshore Engineering Co.]

Hyundai Mipo Dockyard under Hyundai Heavy Industries Group has been sweeping global orders for mid-sized product carriers (PCs) and liquefied petroleum gas (LOG) carriers, which cost 30~40 percent more than average container vessels.

Hyundai Mipo Dockyard, including its operation in Vietnam, won 38 vessels out of 65 orders for PCs of between 22,000~55,000 DWT (deadweight tonnage) until April this year. It dominated 19 out of 22 LPG carriers ranging from 20,000 to 45,000 CBM and eight out of ten roll-on/ roll-off vessels.

The shipbuilder’s top position in the international shipbuilding market is attributable to its high-tech freight tank designs, which prospective buyers consider important for product carriers and LNG carriers to avoid explosion risks while transporting petroleum products or LNG. Hyundai is also highly recognized for its eco-friendly dual-fuel engines. The company also develops a carbon capture and storage (CCS) system for transporting liquid carbon dioxide.

Global demand for mid-sized vessels is increasing, as large vessels with limited mobility cannot easily redirect to other ports when major international ports such as Shanghai are shut down due to virus waves. “Demand for mid-sized vessels with high mobility is rising amid uncertainties in the global logistics market. We will focus on developing eco-friendly propulsion systems fueled by ammonia and hydrogen to stay on the top,” said an official from the shipbuilder.

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