HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group's shipbuilding operations, announced the signing of a contract with Sonangol for the construction of two 157,000 deadweight ton (dwt) Suezmax tankers.
The total contract value is approximately $176 million, pricing each vessel at around $88 million.
The vessels are scheduled to be built by HD Hyundai Samho, with delivery expected in May 2027. Industry estimates had previously valued such orders at approximately $190 million, indicating a $14 million reduction in actual contract cost.
With this latest agreement, HD KSOE's order book for the year includes 23 new vessels totaling $3.81 billion, achieving 21.1% of its annual order target of $18.05 billion.
The orders comprise 12 container ships, 4 oil tankers, 4 liquefied natural gas (LNG) bunkering vessels, 2 ethane carriers, and 1 liquefied petroleum gas (LPG)/ammonia carrier.
Sonangol's current fleet consists of 15 tankers and 5 gas carriers. Since 2014, the company's Suezmax tanker orders from Korean shipyards have totaled 10 vessels.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE) serves as the intermediate holding company for HD Hyundai Group's shipbuilding sector. The company specializes in the design and construction of various marine vessels and offshore structures, positioning itself as a key player in the global shipbuilding industry.
HD Hyundai Samho, a subsidiary of HD Hyundai Group, is a prominent shipbuilder known for constructing a wide range of vessels, including tankers, container ships, and bulk carriers. The company operates one of the world's largest shipyards, located in Samho-eup, Yeongam County, South Korea.
Established in 1976, Sonangol (Sociedade Nacional de Combustíveis de Angola) is Angola's state-owned oil company. It manages the exploration, production, manufacturing, transportation, and marketing of hydrocarbons in Angola.