HD Korea Shipbuilding & Offshore Engineering has won a 538.3 billion won ($405 million) contract to build four 18,000㎥ class LNG bunkering vessels for an African shipping company. This latest deal, announced on February 10, strengthens the company’s position in the eco-friendly shipbuilding market.
Key Contract Details
Vessel Type: 18,000㎥ LNG bunkering vessels
Builder: HD Hyundai Mipo
Delivery Timeline: By the second half of 2028
Purpose: LNG bunkering vessels refuel ships at sea with liquefied natural gas, a cleaner alternative to conventional marine fuels.
Rising Demand for LNG Bunkering Ships
The number of LNG-powered ships is set to increase by 149% from 472 (2023) to 1,174 (2033).
Annual LNG consumption for bunkering is projected to reach 15 million tons by 2028.
The IMO’s stricter environmental regulations are driving demand for eco-friendly shipping solutions.
HD Korea Shipbuilding’s Recent Successes
September 2024 – Secured orders for two 18,000㎥ and one 12,500㎥ LNG bunkering vessels.
November 2024 – Won contracts for four more 18,000㎥ LNG bunkering vessels.
Early 2025 – Secured 12 LNG dual-fuel propulsion container ships worth 3.7 trillion won from a French shipping company.
South Korea’s Shipbuilding Boom
K-Shipbuilding Supercycle: Increased orders are fueling optimism for a prolonged shipbuilding boom.
Geopolitical Advantage: Potential sanctions and regulations against Chinese shipyards could further benefit Korean shipbuilders.
A company official stated:
“With HD Hyundai Mipo’s world-class technology, we aim to lead the eco-friendly ship market, including LNG bunkering vessels and liquefied CO₂ carriers.”
This contract marks another milestone in South Korea’s dominance in eco-friendly shipbuilding.
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Source: BUSINESS KOREA
