HD KSOE seals $525.4 million deal to build oil tanker quartet

South Korean shipbuilding major HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has received a contract to build four oil tankers from an undisclosed shipping company in Europe.

Illustration; Image credit: Hyundai Mipo Dockyard

Hyundai Samho Heavy Industries, one of HD KSOE’s three shipbuilding divisions, will build the vessels. The value of the contract is KRW 688 billion ($525.4 million).

The oil tankers are scheduled for delivery by mid-December 2027, HD KSOE revealed in its stock exchange filling.

Since the beginning of this year, the South Korean shipbuilder scored orders to build 69 vessels worth $8.38 billion. This represents 62 percent of its yearly target of $13.5 billion.

The contracts include the construction of six liquefied natural gas (LNG) carriers, 26 petrochemical carriers, 21 liquefied petroleum gas (LPG) and ammonia carriers, and six very large and ultra-large crude carriers.