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HD Korea Shipbuilding wins 310 bln-won LPG ship order

This undated file photo provided by HD Korea Shipbuilding & Offshore Engineering Co. shows an LPG carrier.

Posted on January 17, 2024

HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Monday it has received a 310 billion-won (US$235 million) order to build two liquefied petroleum gas carriers for a shipper in the Middle East, according to Yonhap.

The two LPG ships will be built at the shipyard of HD Hyundai Heavy Industries Co. in Ulsan, 299 kilometers southeast of Seoul, for delivery by November 2027, HD KSOE said in a regulatory filing.

The company didn’t identify the name of the shipper.

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

HD KSOE has three affiliates — HD Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.

With this latest order, the country’s leading shipbuilder has achieved 17.7 percent, or $2.38 billion, of its annual order target of $13.5 billion for the year, the statement said.

The company said it had set a “conservative” order target this year compared with its achievement last year because it has already secured ample ship orders for years to come.

In 2023, it obtained a total of $22.6 billion worth of ship orders, far exceeding its annual target of $15.7 billion.


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