HD KSOE bags $241 million order for two ammonia carriers

South Korean shipbuilder HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has received an order to build two very large ammonia carriers (VLACs) for a shipping company based in Africa.

Illustration; Image credit HD HHI

The contract is valued at KRW 322.8 billion (about $241.3 million), HD KSOE said in a stock exchange filing on February 20, 2024.

To be built at HD Hyundai Heavy Industries shipyard in Ulsan, the vessels are planned to be delivered by February 26, 2027.

Since the beginning of the year, HD KSOE has bagged orders worth $4.77 billion for the construction of a total of 40 vessels encompassing VLACs, LPG carriers, ethane carriers, oil tankers, petrochemical carriers and LNG carriers. This represents 35.3 percent of the shipbuilder’s annual target of $13.5 billion, Yonhap News Agency reported.

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In 2023, HD Korea Shipbuilding exceeded its yearly order target unlike compatriot shipbuilders Samsung Heavy Industries (SHI) and Hanwha Ocean, two major players on the domestic shipbuilding scene after HD KSOE.