HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has secured a contract worth 245.3 billion won (approx. US$178 million) to build two crude oil Suezmax tankers, each priced at US$89 million. The ships will be constructed by HD Hyundai Samho and delivered in the first half of 2027.
Expansion of Evalend’s Fleet
The latest contract is reportedly tied to Greek shipowner Evalend Shipping, as an option to the two 157,000-dwt Suezmax tankers signed in May 2025. In total, Evalend has now ordered eight vessels this year from HD Hyundai shipyards—four Suezmax tankers and four LNG bunkering vessels (the latter by HD Hyundai Mipo).
Strong Year for HD KSOE
Including this deal, HD KSOE has now received orders for 72 ships in 2025, worth approximately US$9.47 billion, achieving 52.5% of its annual order target of US$18.05 billion.
Breakdown of 2025 Orders:
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1 LNG carrier
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6 LNG bunkering vessels
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8 LPG/ammonia carriers
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2 ethane carriers
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44 container ships
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11 oil tankers
Greek Dominance in Tanker Market
Data from Xclusiv Shipbrokers shows Greek shipowners had 295 tankers under construction as of May, making up 24% of the global tanker orderbook. Suezmax and Aframax/LR2 tankers remain the preferred segments, accounting for 29% and 26% of orders, respectively.
Global Perspective
Between January and May 2025, 87 new tanker contracts were signed globally. Based on deadweight tonnage, the global order-to-fleet ratio stands at 15%, indicating healthy growth in newbuild activity amidst tightening emissions regulations and fleet renewals.
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Source: i MARINE
