Seoul: HD Korea Shipbuilding and Offshore Engineering Co. (KSOE) announced that its affiliates have secured shipbuilding orders totaling 1.97 trillion won (approximately US$1.3 billion) through multiple deals signed this month.
According to Yonhap News Agency, the orders encompass the construction of high-value vessels for clientele located in Greece, Oceania, Asia, and Africa. Among these contracts, HD Hyundai Samho Heavy Industries Co. is set to construct two liquefied natural gas (LNG) carriers for 770.2 billion won. These carriers are slated for delivery by 2029 to Sonangol Shipping Holding Ltd., a state-owned shipping company in Angola.
In additional agreements, HD Hyundai Samho Heavy Industries Co. and HD Hyundai Heavy Industries Co. will build two more LNG carriers and two liquefied petroleum gas (LPG) carriers, respectively, for a total of 590 billion won, with deliveries also scheduled by 2029. These shipbuilders operate as affiliates of HD KSOE, which serves as the intermediate holding company for the South Korean shipbuilding conglomerate HD Hyundai Co.
A company official highlighted the growing global demand for new vessels, particularly oil tankers, gas carriers, and container ships, driven by increased geopolitical risks and rising oil prices. The official stated, "We will continue to focus on securing high-value orders to improve profitability."
HD KSOE has set a target to secure $23.31 billion in orders for this year, compared to the $18.16 billion achieved in 2024. To date, the company has already secured orders for 68 vessels valued at $7.25 billion, reaching 31.1 percent of its annual target.