HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has announced a significant contract win, securing orders for four Liquefied Natural Gas (LNG) carriers from an Oceania-based shipping company. The deal, valued at approximately 1.396 trillion won (roughly USD 1.01 billion), was made public on June 27, 2025.
Surge In Demand
South Korea’s shipbuilding industry, a global leader alongside China and Japan, is experiencing a boom driven by the high demand for specialized vessels, particularly LNG carriers. Major players like HD Hyundai Samho, Samsung Heavy Industries, and Hanwha Ocean are at the forefront of this market.
The surge in demand for LNG carriers is intrinsically linked to the ongoing global energy transition. As nations seek to reduce carbon emissions and move away from traditional coal and oil, LNG is emerging as a crucial transitional fuel. This shift towards cleaner energy sources is intensifying interest in efficient and safe LNG transportation solutions, especially from energy-hungry regions like Asia and Europe.
Oceania, with Australia as a major LNG exporter, plays a pivotal role in this demand. The involvement of an Oceania-based shipping company in recent orders underscores the region’s significance in driving the need for new LNG carriers. Furthermore, global geopolitical events and energy security concerns are adding another layer of urgency, as countries prioritize stable energy supplies amidst potential disruptions.
HD KSOE (HD Korea Shipbuilding & Offshore Engineering) has demonstrated impressive performance this year, securing orders for a total of 76 vessels valued at $10.5 billion. This achievement represents a substantial 58.2% of its annual order target of $18.05 billion. Their diverse order book highlights the breadth of demand in the maritime sector and their capability to meet it. The portfolio includes:
- 5 LNG carriers
- 6 LNG bunkering vessels
- 8 LPG and ammonia carriers
- 2 ethane carriers
- 44 container ships
- 11 tankers
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Source: Business Korea
