HD KSOE wins $2.6 bn order for 12 container ships

South Korea’s largest shipbuilder HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said on Thursday it got 3.716 trillion won ($2.6 billion) for 12 units of liquefied natural gas (LNG) duel fuel container ships. 

This is the company's first order of 2025. The company didn't disclose the owner. 

The vessels will be built at HD Hyundai Heavy Industries Co. in Ulsan and delivered by December 2028.

The ships are also eco-friendly, with LNG dual-fuel propulsion engines. 

The orders for eco-friendly vessels are expected to increase as the shipping industry's decarbonization regulations have been strengthened.

HD KSOE aims to win $180.05 billion worth of orders this year. The company said in a regulatory filing that this year's annual order target is 33.7% higher than last year's ($13.5 billion).

Chung Ki-sun, Executive Vice President of HD Hyundai Co., the holding company of South Korea’s No. 1 shipbuilding conglomerate, discussed multi-fuel for vessels and digital software for shipyards at the Davos Forum.

He participated in the Oil & Gas Governors and Supply Chain & Transport Governors meetings that brought together CEOs from major firms such as AP Moller-Maersk, PSA International, Shell, and TotalEnergies. 

Chung introduced the blueprint for the future of the shipyard (FOS), project in collaboration with global big data company Palantir Technologies through a promotional video showcased at Palantir’s booth on the Davos Promenade.

HD Hyundai has been focusing on the digital transformation of its shipbuilding business through the FOS project since 2021. 

Investing in enhancing on-site productivity aims to set up a shipyard that can operate autonomously with minimal human intervention.

The company plans to complete the FOS project by 2030, looking to achieve a 30% improvement in productivity and a 30% reduction in CO2 emission.

Write to Hyung-Kyu Kim at khk@hankyung.com