HD KSOE bags $2 billion in shipping vessel orders in a week

HD Korea Shipbuilding & Offshore Engineering hit 53 percent of its 2024 order target in just two months as orders for 14 vessels came in during the last week of February.

An LNG carrier built by Hyundai Samho Heavy Industries [HD KSOE]

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has won orders worth 2.7 trillion won ($2 billion) from clients based in Oceania and Europe to build a total of 14 carriers.

The orders, clinched between Feb. 24 and March 1, consists of four liquefied natural gas (LNG) carriers, two Pure Car and Truck Carriers (PCTC), two Very Large Crude Carriers (VLCC), two mid-sized liquefied petroleum gas (LPG) carriers and four petrochemical vessels.

The contract for the construction of the four LNG carriers came from an Oceania-based company with a planned delivery date set for January, 2028. Hyundai Samho Heavy Industries will build the container carriers at its shipyard in the southwestern port of Yeongam.

The two PCTCs, worth 356.3 billion won, will be delivered to a European client by May, 2028, while the 343.9 billion-won order for the two VLCCs was made by an Oceanian client with delivery set for December, 2026.

HD Hyundai, formerly known as Hyundai Heavy Industries Holdings, has HD KSOE as a subholding company under its wing.

With the latest set of orders, the shipbuilder has achieved 53 percent of its annual order target of $13.5 billion for the year a mere two months into 2024.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]