HD Korea Shipbuilding Secures $240 Million Deal for Ammonia Carriers

SEOUL: HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE) announced on Monday that it has clinched a deal worth 317 billion won (approximately US$240 million) to construct two ammonia carriers. The contract, which involves a shipper from the Oceania region, represents a significant business achievement for the company.

According to Yonhap News Agency, the two very large ammonia ships are slated to be built at the shipyard of HD Hyundai Heavy Industries Co., with delivery expected by March 2027. HD Hyundai, previously known as Hyundai Heavy Industries Holdings, operates HD KSOE as a subholding company.

HD KSOE's corporate structure includes three affiliates: HD Hyundai Heavy Industries, Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries Co. These affiliates contribute to the company's robust shipbuilding capabilities.

In 2023, HD KSOE reported that it achieved ship orders totaling $22.6 billion, significantly surpassing its annual order target of $15.7 billion. This performance underscores the company's leading position in the shipbuilding industry.

Looking ahead to the rest of the year, HD KSOE has set a more conservative order target of $13.5 billion. This cautious approach is due to the company having already secured a substantial number of ship orders for the upcoming years. As of the end of November, HD KSOE reported an order backlog of $65 billion. This backlog ensures that the shipyards of its affiliates will remain active for more than three years, indicating a stable and busy period ahead for the company.

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