Hyundai Mipo wins $184 mn order four mid-sized PC carriers

Hyundai Mipo Dockyard Co., a subsidiary of HD Hyundai Group's shipbuilding division, has secured a construction contract for four medium-sized PC (petroleum and chemical product) carriers with an African shipper. The deal is worth 240.1 billion won ($184 million), the company said on Friday.

The ships will be built at Hyundai Mipo Dockyard's Ulsan location and delivered to the shipowner from the second half of 2025.

Hyundai Mipo Dockyard has already won a contract for 11 middle-sized PC ships earlier this year and has now secured an additional four. The company has won contracts for 15 out of 27 PC ships ordered worldwide this year, accounting for approximately 56% of the market share.

In the mid-sized liquefied petroleum gas (LPG) ship sector, Hyundai Mipo Dockyard also has a dominant market share of the world's top position, holding 24 out of a backlog of 30 orders, or 80%.

Mid-sized LPG ships mainly transport ammonia, which is attracting attention as a next-generation fuel along with LPG. As the demand for ammonia is expected to increase, if ammonia propulsion engines are commercialized in the future, they are expected to be applied first to medium-sized LPG ships, attracting the attention of global shipowners as it can maximize the economics of ship operation.

 "As the situation of medium-sized PC ships and LPG ships continues to improve, we expect additional orders in the future," said a Hyundai Mipo Dockyard official.

"In a market environment where ship prices are also rising, we plan to continue leading the medium-sized ship market by maximizing differentiation from competitors through continuous technological improvement."

Write to Seo-Woo Jang at suwu@hankyung.com