Six more orders! South Korea's shipbuilding industry completes more than half of its annual target
2024-03-11 09:00
Entering 2024, HD Hyundai, South Korea's largest shipbuilding group, has seen a surge in orders, receiving 51.5 billion yuan in new ship orders in just over two months, far exceeding the same period in previous years and exceeding 53% of its annual order target.
On March 4, HD Hyundai (formerly Hyundai Heavy Industries Group) shipbuilding business holding company HD Korea Shipbuilding & Offshore Engineering announced that it had signed contracts with European shipowners for two medium-sized liquefied petroleum gas (LPG) carriers and with Oceania shipowners for four product tankers, with a total contract value of approximately 586 billion won (approximately US\$439 million). This includes 214.7 billion won (approximately US\$161 million) for the two LPG carriers and 371.3 billion won (approximately US\$278 million) for the four product tankers.
The LPG carriers and product tankers will be built by Hyundai Mipo Dockyard in Ulsan and its Vietnamese subsidiary Hyundai Vinashin Shipyard (HVS), respectively, with planned delivery between December 2026 and June 2027.
Clarkson's data shows that Hyundai Mipo Dockyard currently holds more than 40 MR-type product tankers, ranking first globally; its Vietnamese subsidiary, Hyundai Vinashin Shipyard, holds more than 20 MR-type product tanker orders, ranking second globally. In addition, Hyundai Mipo Dockyard has delivered more than 630 MR-type vessels, far exceeding other shipyards.
Including the six new vessels signed this time, HD Korea Shipbuilding & Offshore Engineering has received orders for 58 vessels (units) of marine equipment this year, with a total contract value of US\$7.16 billion (approximately 51.53 billion yuan), achieving approximately 53% of its annual order target of US\$13.5 billion. This includes 6 large LNG carriers, 17 VLGC/VLACs, 4 LPG carriers, 21 product tankers, 1 VLEC, 4 VLCCs, 2 medium-sized crude oil carriers, 2 LCO2 carriers, 2 car carriers, and 1 offshore platform topside module.
On January 3, HD Korea Shipbuilding & Offshore Engineering officially announced its annual target of US\$13.5 billion in shipbuilding and marine business orders. This figure is 14% lower than the US\$15.74 billion target for 2023 and approximately 60% of the actual order value of US\$22.32 billion in 2023.
It is worth mentioning that HD Korea Shipbuilding & Offshore Engineering's order performance this year is far higher than in the same period of previous years. In comparison, at the beginning of last year, HD Korea Shipbuilding & Offshore Engineering received orders for 44 new vessels, with a total contract value of approximately US\$6.11 billion, reaching approximately 38.8% of the 2023 order target of US\$15.74 billion. In the same period of 2022, the company received orders for 54 new vessels, with a contract value of approximately US\$6.2 billion, reaching approximately 35.6% of the 2022 order target of US\$17.44 billion. Currently, HD Korea Shipbuilding & Offshore Engineering's order value is approximately US\$1 billion higher than in the same period of last year and 2022.
Relevant personnel from HD Korea Shipbuilding & Offshore Engineering stated: “Since the beginning of this year, the company has continuously received inquiries for new vessels of various types. We will continue to adhere to a selective order-taking strategy centered on high value-added vessels, build a diversified portfolio of vessel types, and maximize construction efficiency to contribute to improving the company's profitability.”
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