On November 18, HD Korea Shipbuilding & Offshore Engineering has signed a contract with an Asian shipowner to build two very large liquefied petroleum gas carriers (VLGCs) with a total contract value of 340.3 billion won (approximately US$2.5 billion).
The two VLGCs will be built at HD Hyundai Heavy Industries’ Ulsan Shipyard and are scheduled to be delivered by December 2027.
The total contract value is 340.3 billion won (approximately US$250 million, 1.809 billion yuan), equivalent to a price of US$122.4 million per vessel.
HD Korea Shipbuilding & Offshore Engineering has not disclosed specific information about the shipowner in question, but foreign media reports indicate that the order was placed with Japan’s Mitsui OSK Lines.
Including the two new orders, HD Korea Shipbuilding & Offshore has received 177 orders for ship and offshore equipment with a total contract value of US$19.77 billion in 2024.