Into the year 2024, South Korea's largest shipbuilding group HD Hyundai order "wildly", just two months in a row won 51.5 billion yuan of new ship orders, far more than the same period in previous years, in advance of the completion of the annual order 53% of the target.
March 4, South Korea's HD Hyundai (formerly Hyundai Heavy Industries Group) shipbuilding business holding company HD Korea Shipbuilding Marine announced that with the European region shipowners signed two medium-sized liquefied petroleum gas (LPG) carriers, with the Oceania region shipowners signed a contract for the construction of four oil product carriers, with a total contract amount of about 586 billion won (about 439 million U.S. dollars). Among them, two LPG carriers are 214.7 billion won (about US$161 million) and four product oil tankers are 371.3 billion won (about US$278 million).
The LPG carriers and product tankers to be undertaken will be built by Ulsan-based Hyundai Maepo Shipbuilding and its Vietnam subsidiary Hyundai Vinashin Shipyard (HVS), respectively, and are scheduled to be delivered by December 2026 and June 2027, respectively.
Clarkson's data show that Hyundai Vinashin Shipyard currently holds orders for more than 40 MR-type product tankers, ranking first in the world, while its Vietnamese subsidiary Hyundai Vinashin Shipyard holds orders for more than 20 MR-type product tankers, ranking second in the world. In addition, Hyundai Maepo Shipbuilding has delivered more than 630 MR-type vessels, which is also far ahead of other shipyards.
Including the signing of the six new ships, HD Korea Shipbuilding Offshore this year has undertaken the ship and sea equipment orders amounted to 58 (seat), the total contract amount of 7.16 billion U.S. dollars (about 51.53 billion yuan), to complete the task of its full-year order target of 13.5 billion U.S. dollars of about 53%. These include 6 large LNG carriers, 17 VLGC/VLAC, 4 LPG carriers, 21 product tankers, 1 VLEC, 4 VLCC, 2 medium-sized crude carriers, 2 LCO2 carriers, 2 car carriers, and 1 offshore platform upper module.
On January 3 this year, HD Korea Shipbuilding & Marine officially released a target of $13.5 billion for this year's full-year ship and sea business order intake. This value has been adjusted downward by 14% compared to the target of $15.74 billion in 2023, and is only about 60% of last year's actual order intake of $22.32 billion.
It is worth mentioning that HD Korea Shipbuilding & Marine's order-taking performance this year is much higher than the same period of previous years. As a comparison, early last year HD Korea Shipbuilding & Marine took orders for 44 new ships with a total contract value of about $6.11 billion, reaching about 38.8% of the 2023 order-taking target of $15.74 billion. While for the same period in 2022, the company took orders for 54 new vessels with a contract value of approximately US$6.2 billion, reaching approximately 35.6% of its 2022 order-taking target of US$17.44 billion. At present, HD Korea Shipbuilding & Marine has received orders amounted to about 1 billion U.S. dollars higher than last year and the same period in 2022.
A source from HD Korea Shipbuilding & Marine said, "Since the beginning of this year, the company has been receiving inquiries for new vessels of various ship types. We will continue to adhere to our selective order-taking strategy centered on high value-added vessels to create a diversified portfolio of ship types and maximize construction efficiency to contribute to the enhancement of the company's earnings."
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