HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), has announced a significant stride in its portfolio with the acquisition of a 942.5 billion-won (US$716 million) deal. The agreement entails the construction of 15 petrochemical product carriers for an Asian shipper.
These 15 state-of-the-art product carriers are slated to be built at the esteemed shipyard of Hyundai Mipo Dockyard Co., strategically located in Ulsan, approximately 300 kilometers southeast of Seoul. The scheduled delivery for this ambitious project is set for November 2026, as highlighted in the statement released by HD KSOE.
Building the Future at Hyundai Mipo Dockyard Co.
The choice of Hyundai Mipo Dockyard Co. as the construction site for these carriers underscores the company’s commitment to quality and excellence. Ulsan, a hub for maritime activities, is well-positioned to facilitate the seamless execution of this groundbreaking project.
HD KSOE’s Robust Affiliates
HD KSOE operates under the umbrella of HD Hyundai, formerly known as Hyundai Heavy Industries Holdings. The conglomerate boasts three key affiliates, namely HD Hyundai Heavy Industries, Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries Co. This strategic alignment ensures a comprehensive approach to the maritime and shipbuilding sector.
Progress Toward Annual Order Target
With this recent contract, HD KSOE has achieved a notable 8.8 percent of its annual order target, amounting to $1.19 billion out of the $13.5 billion set for the year. The company has strategically set a conservative order target for the current year, considering its substantial backlog of secured ship orders for the upcoming years.
In 2023, HD KSOE demonstrated exceptional performance by surpassing its annual order target. The company secured ship orders worth $22.6 billion, significantly exceeding the set target of $15.7 billion for the year. This remarkable accomplishment underscores HD KSOE’s strong position in the global shipbuilding industry.
Looking Ahead
As HD KSOE continues to expand its footprint in the maritime and shipbuilding domain, the recent deal for 15 petrochemical product carriers signifies a strategic move in line with its long-term vision. The company remains dedicated to delivering high-quality vessels and contributing to the advancement of the global maritime industry.
In conclusion, this multimillion-dollar deal not only marks a substantial step towards fulfilling HD KSOE’s annual goals but also reinforces its reputation as a key player in the competitive shipbuilding market.
Source: Choi Kyone, Yonhap News