Hyundai Group secures US$2Bn in gas carrier deals in a week  

According to HHI’s parent company HD Korea Shipbuilding & Offshore Engineering (KSOE), the deal was announced 2 May in a statement and filings to the stock exchange.

HD KSOE signed a contract with Dynagas to build two 200,000-m³ LNG carriers worth ₩742Bn (US$556M). According to a stock filing, the shipbuilder also inked a ₩1.408Tn (US$1.10Bn) contract with a European customer to build four 174,000-m³  LNG carriers.

Another ₩273Bn (US$204M) deal was concluded with an Asian customer and will see Hyundai Samho Heavy Industries build two 88,000-m³ LPG carriers, and late in April, Hyundai Group won a deal worth ₩36.74Bn (US$27.5M) to build 45,000-m³ LPG carriers for an Asian customer.

The LPG carriers will be built at the facilities Yeongam, South Jeolla Province and Hyundai Mipo Dockyard in Ulsan and delivered by 2026, with the LNG carriers built at the Group’s Ulsan shipyard for delivery in 2027.

The news comes amid a boom in LNG shipbuilding. US exporter Venture Global LNG, has ordered five 200,000-m³ carriers at Daewoo Shipbuilding & Marine Engineering, due 2025, with estimates the global LNG fleet will exceed 1,000 ships by 2026.

LNG carriers with capacities of 100,000-m³ or more account for 285 of the 308 vessels on order – almost 93% of the orderbook at South Korean and Chinese shipyards.