Photo: Hyundai Mipo Dockyard

Hyundai Mipo wins new LPG, petrochemical ship orders

South Korean shipbuilder Hyundai Mipo Dockyard (HMD), part of Korea Shipbuilding & Offshore Engineering (KSOE), has received contracts from Oceanian shipping companies to build two LPG carriers and one petrochemical vessel.

As informed, the deals have a combined value of KRW 152 billion (about $135 million).

Image by Hyundai Mipo Dockyard

The two 40,000 cbm LPG tankers and the 40,000-ton petrochemical carrier will be built at HMD and Hyundai Vietnam Shipbuilding Co., respectively. All three units are slated for delivery in the second half of 2022.

The petrochemical ship contract includes one option, according to HMD.

“The market recovery trend is in full swing across all ship types,” an official from HMD said, commenting on the latest deal.

Earlier this month, HMD also received an order for a 40,000 cbm LPG carrier pair from undisclosed African company.

Since 2019, HMD has won 23 LPG carrier orders, accounting for 96 per cent of global orders for medium-sized LPG units.