Domestic shipbuilders are winning large vessel contracts day after day, extending a booking rally. HD Hyundai and Hanwha Ocean alone booked 2.88 trillion won on the 24th.
HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's institutional sector in shipbuilding, and Hanwha Ocean disclosed that they had won orders for eight 13,400-TEU (1 TEU = one 20-foot container) dual-fuel propulsion container ships worth 2.13 trillion won and for a very large crude carrier (VLCC; Very Large Crude Carrier) worth 757.7 billion won, respectively, on the day. The counterparties are HMM, a shipping company, and a shipowner in Africa, respectively.
The ships won by HD Hyundai measure 337 meters in length, 51 meters in width, and 27.9 meters in height, and they are equipped with dual-fuel propulsion engines for liquefied natural gas (LNG; Liquefied Natural Gas) and a large fuel tank enlarged by about 50% to improve operating efficiency. HD Hyundai Heavy Industries and HD Hyundai Samho will build two and six vessels, respectively, and deliver them sequentially by the first half of 2029.
Including this contract, HD Hyundai said it has won container ship orders totaling 720,000 TEU (69 vessels) this year, the most among domestic shipbuilders. It is the highest figure since the 2007 record of 793,473 TEU, when cargo volume peaked during a global economic boom.
Hanwha Ocean has booked about $6.97 billion (about 10.27 trillion won) this year, including 17 VLCCs, 13 container ships, six LNG carriers, and one icebreaking research vessel. Last year's total bookings were 41 vessels worth about $8.98 billion (13.2329 trillion won). With VLCC freight rates rebounding recently and demand growing to replace aging fleets, the VLCC market is expected to maintain a positive trend.
Samsung Heavy Industries has achieved this year's order target for the institutional sector in shipbuilding. As of the 24th, it has won a total of 38 vessels worth $6.1 billion (about 8.98 trillion won) this year, achieving 105% of its target of $5.8 billion (about 8.54 trillion won).
An HD Hyundai official said, "We will continue to lead the decarbonization of the shipbuilding and shipping industries with technology competitiveness focused on eco-friendly, high-efficiency vessels."