HD Hyundai, South Korea's largest shipbuilding group, officially announced that it has received two batches of orders for a total of 12 new ships. The total contract value exceeds 13.8 billion yuan. This year's cumulative order amount has achieved about 90% of the annual target.
HD Korea Shipbuilding & Marine announced that it has signed four very large crude oil carrier (VLCC) construction contracts with European shipowners. The total contract value reaches 762.7 billion won (approximately 517 million U.S. dollars, 3.68 billion yuan), equivalent to a single ship cost of 129 million U.S. dollars.
These four VLCCs will be built at HD Hyundai Sanhu and are scheduled to be delivered to ship owners one after another before mid-August 2028. For reference, Clarkson's data shows that the current price of a 315,000-320,000 deadweight ton VLCC newbuilding ship is about US$127 million, a slight decline from US$129.5 million in the same period last year.
HD Korea Shipbuilding & Marine announced that it signed a construction contract for eight LNG dual-fuel powered 13,400TEU container ships with HMM, South Korea’s largest shipping company. The total contract value reached 2.13 trillion won (approximately 1.433 billion U.S. dollars, 10.17 billion yuan), equivalent to a single ship cost of 182 million U.S. dollars.
For reference, Clarkson's data shows that the current newbuilding price of a 13,000/14,000TEU dual-fuel LNG-powered container ship is approximately US$173 million, down 5% from US$182.75 million in the same period last year.
Previously, HMM had officially announced on October 16 that it would spend US$2.15 billion to order 12 13,000TEU container ships from two shipyards, of which HD Hyundai will build 8 ships and Hanwha Marine will build 4 ships. This is the first large-scale order confirmed by HMM in 7 years after ordering 20 ultra-large container ships (12 24,000TEU-class ships and 8 16,000TEU-class ships) under the promotion of the "Five-year Maritime Reconstruction Plan" formulated by the Korean government in 2018.
HD Korea Shipbuilding & Marine said that the eight latest container ships ordered by HMM will be built at HD Hyundai Heavy Industries and HD Hyundai Samho respectively. Among them, 2 ships at HD Hyundai Heavy Industries and 6 ships at HD Hyundai Samho are scheduled to be delivered to shipowners before July 2029.
This type of container ship has a total length of 337 meters, a width of 51 meters, and a depth of 27.9 meters. It is equipped with an LNG dual-fuel propulsion engine. The volume of the LNG fuel storage tank has been expanded by about 50% compared with the previous one, which can effectively improve shipping efficiency.
By undertaking these 8 container ship orders, HD Hyundai Group has accepted 69 container ship orders of 720,000 TEU so far this year, setting the highest performance since 2007 with 793,474 TEU.
HD Korea Shipbuilding & Marine emphasized that although the container ships built by the company are more expensive than those of competing countries, considering the operating costs of the entire life cycle of the ship, they are evaluated by the global industry as having strong cost competitiveness. Starting in 2023, "HiNAS Control", an artificial intelligence (AI)-based large-scale ship autonomous navigation system developed by HD Hyundai Group's autonomous ship solutions subsidiary Avikus, has been gradually installed on new ships. Actual ship verification results show that it can reduce carbon emissions by 15% and improve fuel efficiency by 15%.
An official from HD Hyundai Group said: "Based on differentiated technologies and customer trust, the group is consolidating its position in the global market. We will lead the decarbonization of the shipbuilding and shipping industries with our technological competitiveness centered on environmentally friendly and efficient ships."
HD Korea Shipbuilding & Marine has received orders for 116 ships and US$16.22 billion (approximately 115.16 billion yuan) so far this year, completing the annual order target of US$18.05 billion (approximately 128.2 billion yuan). 89.9%, including 7 LNG carriers, 6 LNG bunkering ships, 69 container ships, 2 very large ethane carriers (VLEC), 20 oil tankers, 3 product oil carriers, and 9 LPG/liquid ammonia carriers.
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