HD Hyundai Heavy Industries, 17 LNG Carriers Ordered Worth 5.2 Trillion KRW

A 174,000 cubic meter class LNG carrier built by HD Hyundai Heavy Industries and delivered in 2020. Photo by HD Korea Shipbuilding & Offshore Engineering

HD Hyundai's intermediate holding company, HD Korea Shipbuilding & Offshore Engineering, has secured orders for 17 vessels worth approximately 5.2511 trillion KRW.

On the 25th (local time), HD Korea Shipbuilding & Offshore Engineering signed a construction contract with QatarEnergy for 17 LNG (liquefied natural gas) carriers with a capacity of 174,000 cubic meters each. This is the largest single contract amount ever recorded in the Korean shipbuilding industry.

The LNG carriers ordered this time measure 299 meters in length, 46.4 meters in width, and 26.5 meters in height. They will be built at HD Hyundai Heavy Industries in Ulsan and are scheduled to be delivered sequentially to the shipowner by the second half of 2029.

HD Hyundai Heavy Industries and QatarEnergy signed a Memorandum of Agreement (MOA) last September and have been negotiating the contract details since then. Among Korean shipbuilders, HD Hyundai Heavy Industries was the first to finalize the contract, and additional orders from other shipbuilders are expected in the future.

HD Korea Shipbuilding & Offshore Engineering is leading the market in this sector by securing a total of 37 LNG vessels this year. Previously, it recorded the number one market share in LNG carriers by ordering 21 vessels in 2020, 25 vessels in 2021, and 45 vessels in 2022.

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