South Korea's three major shipbuilders — HD Hyundai Heavy Industries (329180.KS), Hanwha Ocean (042660.KS) and Samsung Heavy Industries (010140.KS) — announced multi-hundred-billion-won orders on Tuesday.
HD Korea Shipbuilding & Offshore Engineering (009540.KS), the intermediate shipbuilding holding company of HD Hyundai (267250.KS), said it signed a contract with KSS Line to supply three very large gas carriers (VLGCs). The deal is worth 504.8 billion won ($370 million) in total. The vessels will be built at HD Hyundai Heavy Industries and delivered sequentially through the second half of 2029.
Including this contract, HD Korea Shipbuilding & Offshore Engineering has secured a total of 86 vessels worth $9.35 billion so far this year, achieving 40.1% of its annual target of $23.31 billion.
Hanwha Ocean also won a 507.4 billion won contract from an African shipowner to build three very large ammonia carriers (VLACs). With this order, the total number of ammonia carriers secured by Hanwha Ocean has increased to 10. "We are continuing a selective strategy focused on high-value-added and eco-friendly vessels, while flexibly responding to market volatility," a Hanwha Ocean official said.
This year, Hanwha Ocean has clinched contracts for a total of 18 vessels worth approximately $3.2 billion, including 10 very large crude carriers (VLCCs), four liquefied natural gas (LNG) carriers, three VLACs and one wind turbine installation vessel (WTIV).
Samsung Heavy Industries is also gaining momentum. The company said Tuesday it won an order worth 484.8 billion won from an Asian shipowner for one floating LNG storage and regasification unit (LNG-FSRU). Often called an "offshore LNG terminal," an FSRU is a maritime facility that requires a shorter construction period than onshore terminals, drawing attention as a solution to power supply shortages stemming from the expansion of the artificial intelligence (AI) industry.
This year, Samsung Heavy Industries has built up a total of 17 vessels worth $3.4 billion in orders, including one LNG-FSRU, six LNG carriers, two very large ethane carriers (VLECs), two VLGCs, two container ships and four crude oil tankers.
