In a remarkable start to the new year, HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) has reaffirmed its industry dominance by securing an order for the construction of two Very Large Gas Carrier (VLGC) ships.
The undisclosed shipping company based in the Middle East placed the order, valuing a KRW 310 billion ($235 million).
The Korean shipbuilding major said that the two VLGCs are slated for the end of November 2027.
The winning bid marks the latest triumph for HD KSOE, following an impressive series of orders in the first weeks of January 2024 totaling 25 ships.
Namely, last week the company revealed that it had won orders worth approximately $2.15 billion with shipping conglomerates from Europe, Oceania, Asia, and the Middle East.
The deals include 2 very large ammonia carriers, 15 medium-sized PC ships, 6 very large LPG carriers , and two LNG carriers.
The latest influx of orders has enabled the shipbuilding major to already achieve 17.7 percent of its annual order target of $13.5 billion for 2024.
The country’s leading shipbuilder strategically set a “conservative” order target for the current year, despite achieving a staggering $22.6 billion in ship orders last year, significantly surpassing the annual target of $15.7 billion.
The shipbuilding heavyweight was the only South Korean yard of the ‘Big Three’ to meet and exceed its annual targets last year, leaving behind Hanwha Ocean and Samsung Heavy Industries.