HD KSOE Secures 505 Billion-Won Order for Three Very Large Gas Carriers
HD Korea Shipbuilding & Offshore Engineering announced a 505 billion-won deal to build three very large gas carriers. The vessels are scheduled for delivery by the end of 2029 to an unidentified customer. This order contributes to the company's achievement of 40 percent of its annual target with deals totaling $9.35 billion for 86 ships this year.
A. Ghizzi Panizza/ESO / Wikimedia (CC BY 4.0)SEOUL — HD Korea Shipbuilding & Offshore Engineering (KSOE) Co. announced on May 4, 2026, that it has secured a deal worth 505 billion won, equivalent to $343 million, to construct three very large gas carriers (VLGCs). The company, a subholding entity of HD Hyundai Co., stated that the VLGCs will be delivered by the end of the second half of 2029 to an unidentified customer.
This contract adds to HD KSOE's orders for the year, bringing the total value to $9.35 billion for the construction of 86 ships. The company reported that this achievement represents 40 percent of its annual order target. The 2026 order backlog includes 12 liquefied natural gas (LNG) carriers, 20 container vessels, and 18 ammonia carriers, according to the announcement.
KSOE operates as part of the broader HD Hyundai group, which focuses on shipbuilding and offshore engineering. The deal reflects ongoing demand in the maritime transport sector for specialized vessels like VLGCs, which are designed to carry large volumes of liquefied gases.
No further details on the customer or specific construction timelines beyond the delivery window were provided in the announcement.
Key Facts
Story Timeline
3 events- 2026-05-04
HD Korea Shipbuilding & Offshore Engineering announced securing a 505 billion-won deal for three VLGCs.
1 sourceYonhap - By end of second half 2029
The three VLGCs are scheduled for delivery to an unidentified customer.
1 sourceYonhap - So far in 2026
HD KSOE has clinched deals worth $9.35 billion for 86 ships, achieving 40% of its annual target.
1 sourceYonhap
Potential Impact
- 01
The deal could support job stability in South Korea's shipbuilding sector through increased production activity.
- 02
HD KSOE may see improved financial performance from reaching 40 percent of its annual order target early in the year.
- 03
Global gas transport capacity might expand with the addition of three new VLGCs by 2029.
- 04
The unidentified customer could benefit from enhanced fleet capabilities for liquefied gas shipping.
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