HD KSOE scores $171 million order for two crude carriers

South Korean shipbuilder HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has secured an order for the construction of two crude carriers.

Illustration; Photo by: HSHI

The two new vessels will be built under a KRW 231.8 billion ($171 million) contract. The ships are to be built for an undisclosed shipowner from Oceania.

Hyundai Samho Heavy Industries Co., one of HD Korea Shipbuilding’s three shipbuilding units, will construct the vessels at its shipyard. The company revealed in its stock exchange filing that the units are slated for delivery by March 2026.

Meanwhile, HD KSOE has received an order for the construction of two crude carriers from an unnamed shipper from Africa. The vessels are slated for delivery by May 2025.

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Since the beginning of this year, HD KSOE has signed contracts to build 142 vessels and a floating production unit (FPU). The cumulative value of the contracts is $20.19 billion, which represents 128.2 percent of its yearly order target of $15.74 billion.

To remind, 2022 for South Korean shipbuilders was a very successful year when it comes to orders for the construction of the vessels.

The country’s builders won 70 percent (10.1 million CGT) of global orders (14.5 million CGT) for large-scale LNG carriers in a bumper year for the sector which saw a 131 pct rise in orders resulting in 14.5 million CGT. The ordering spree was triggered by heightened demand for LNG tonnage stemming from energy security tensions instigated by Russia’s war in Ukraine.

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