HD Hyundai Mipo has secured a 212.2 billion won ($162 million) contract to build two liquefied petroleum gas carriers for an undisclosed African shipping company. The vessels are scheduled for delivery by December 2027, extending the Korean shipbuilder’s growing backlog in specialized vessels.
The deal marks the latest in a string of gas carrier orders for HD Hyundai’s shipbuilding units, which have secured contracts for 51 vessels worth $6.31 billion this year, representing 35% of their annual $18.05 billion target. This follows a recent pattern of focusing on high-value vessels amid strong demand for gas transportation.
Korean shipbuilders have established dominance in the LPG carrier market, with HD Hyundai Group maintaining significant market share against Chinese competitors. The global LPG tanker market is expected to reach $239.3 billion in 2025, according to industry forecasts.
HD Hyundai’s specialized shipbuilding business has benefited from technological advantages and quality perceptions after incidents involving some Chinese-built vessels earlier this year raised concerns about reliability.
Despite forecasts predicting a 25.7% decline in global shipbuilding orders, HD Korea Shipbuilding & Offshore Engineering has maintained an ambitious sales target for 2025, continuing its pivot toward environmentally compliant vessels amid tightening maritime regulations.
