South Korean operator tied to US$260M order for six container vessels at Hyundai

Hyundai Heavy Industries announced on 27 February that it had secured a contract for six ships worth approximately US$259M, with each vessel priced around US$43M. Deliveries are scheduled through the first half of 2028.

While the shipbuilder did not disclose the identity of the counterparty, shipbrokers have identified SM Group. The South Korean major operates through multiple subsidiaries across the container vessel, bulk carrier, tanker, LNG carrier, and LNG bunker vessel segments.

One of its subsidiaries, SM Line Corp, ranks 30th on the Alphaliner Top 100 list, with a fleet of 15 vessels totalling 69,951 TEU – 13 owned and two chartered-in. The company currently has no vessels under construction but owns some ageing ships, making the reported order a logical step for fleet renewal.

Alphaliner suggests that the contract price aligns with conventionally powered, standard-spec Bangkokmax vessels of around 1,800 TEU.

With this latest order, HD Hyundai has secured 25 ship contracts so far in 2026, worth roughly US$3.4Bn, representing 14% of its annual order target. Container vessels make up the bulk of signed contracts, with 10 orders, alongside six LNG carriers, three LPG/ammonia carriers, and six tankers.

According to Xclusiv Shipbrokers, as of early February, 28 container vessels had been ordered in 2026, with the orderbook-to-fleet ratio standing at 35% in TEU terms.