HD Korea Shipbuilding & Offshore Engineering clinched a ₩1.396 trillion ($997 million) order to build four liquefied natural gas carriers for an undisclosed Oceania-based shipping company, marking the South Korean shipbuilder’s first LNG vessel contract in three months.
Each carrier, valued at approximately ₩349 billion, will be constructed at HD Hyundai Samho with sequential deliveries scheduled by the second half of 2028. The deal follows HD KSOE’s April contract for a single LNG carrier worth ₩385.3 billion with an Asian firm.
The latest contract brings HD KSOE’s 2025 orders to 76 vessels worth $10.5 billion, representing 58.2% of its annual target of $18.05 billion. The shipbuilder has diversified across vessel types, securing contracts for container ships, tankers, and specialized gas carriers.
However, the timing comes as LNG shipping rates have plummeted to five-year lows, with Atlantic freight rates dropping to $3,500 per day in February. Market sources attribute the decline to newly built carriers being added faster than LNG production increases.
Despite near-term rate pressures, the global LNG carrier market is projected to grow from $135.1 billion in 2023 to $244.8 billion by 2033, driven by Asia’s energy transition and expanding LNG infrastructure globally.
The Oceania connection aligns with Australia’s position as a major LNG exporter, though specific customer details remain undisclosed.
