South Korean shipyard lands huge contract for ammonia carriers

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South Korea’s shipbuilding industry continues to set sail on a prosperous course, with HD Korea Shipbuilding & Offshore Engineering Co. securing a significant 489.6 billion-won (US$372 million) order for the construction of three very large ammonia carriers. This latest triumph further solidifies the company’s position as a key player in the global maritime sector.

The vessels, set to be built by HD Hyundai Heavy Industries Co. at its Ulsan shipyard, are slated for delivery to an Oceanian shipper by December 2027. This deal marks a substantial milestone for HD Korea Shipbuilding, showcasing its prowess in securing lucrative contracts amid a competitive market landscape.

In a regulatory filing, HD Korea Shipbuilding revealed that it has already amassed orders for 72 vessels valued at $8.75 billion this year, representing an impressive 64.8 percent of its annual target of $13.5 billion. Among these orders are six liquefied natural gas carriers, 26 petrochemical carriers, 24 liquefied petroleum gas and ammonia carriers, and six very large and ultra-large crude carriers.

As a subsidiary of the renowned shipbuilding, oil refining, and machinery conglomerate HD Hyundai, HD Korea Shipbuilding oversees three prominent domestic units: HD Hyundai Heavy Industries, Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries Co. This integrated approach enables the company to leverage its collective expertise and resources, further enhancing its capabilities to deliver innovative solutions and world-class vessels to its global clientele.

With a steadfast commitment to excellence and a strong track record of success, HD Korea Shipbuilding is poised to navigate the seas of the future, driving growth and prosperity for South Korea’s maritime industry.

(Source: Port News | Korea Times | Yonhap News | The Investor)

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