SEOUL — HD Korea Shipbuilding and Offshore Engineering Co. announced on Monday that it has obtained a 231.8 billion-won (US$171 million) contract to construct two crude carriers for an Oceanian shipping company.
According to Yonhap News Agency, the crude carriers will be built by Hyundai Samho Heavy Industries Co., one of HD Korea Shipbuilding's three shipbuilding units. The construction will take place at the Hyundai Samho shipyard located in the southwestern port of Yeongam. The carriers are slated for delivery to the undisclosed shipping company by March 2026.
HD Korea Shipbuilding has so far secured orders worth $20.19 billion this year for the construction of 142 vessels and one floating production unit. This amount surpasses its annual target of $15.74 billion, reaching 128.2% of the yearly goal.
Industry forecasts from Clarkson Research Service predict a significant increase in global crude carrier orders. The number of orders is expected to rise by 63% year-on-year to 325 ships in the current year and by 15% to 375 vessels next year.
HD Korea Shipbuilding operates as a subholding company under HD Hyundai, a conglomerate with interests in shipbuilding, oil refining, and machinery. The company has three domestic units: HD Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries.