Secured six orders in a row, bringing this year’s total to 195! The shipbuilding giant is nearing completion of its full-year order target.

From November 6 to 9, HD Korea Shipbuilding & Marine, the shipbuilding holding company under South Korea’s HD Hyundai, secured orders for six high-end gas carriers, with a total contract value of nearly RMB 6.4 billion. To date, the company has accumulated new ship orders worth USD 21.69 billion (approximately RMB 144.8 billion) this year, exceeding 90% of its annual order target.

RMB 3.1 billion! Foresight returns to the newbuilding market, ordering four VLACs.

On November 6, HD Korea Shipbuilding & Marine Engineering announced that its subsidiary, HD Hyundai Heavy Industries, had signed contracts with an African shipowner to build four very large ammonia carriers (VLACs). The total contract value is KRW 630.1 billion (approximately USD 464 million or RMB 3.1 billion), equivalent to a unit price of USD 116 million per vessel.

For reference, according to Clarkson’s data, the current price of a new 88,000–93,000 cubic meter VLAC is approximately $117.5 million, a slight increase from $116 million at the same time last year.

These four VLACs will be built by HD Hyundai Heavy Industries and are scheduled for phased delivery before the end of June 2030. HD Korea Shipbuilding & Marine did not disclose the shipowner’s identity, but according to International Shipping Network, the actual buyer of this order is the UK-based shipping group Foresight Group. Founded by Indian-origin shipping entrepreneur Ravi Mehrotra, the group has primarily been engaged in operating large liquefied gas carriers in recent years.

It is reported that the four VLACs ordered this time represent Foresight’s first newbuilding orders in roughly a decade and form a key component of its fleet expansion plan, which involves a total investment of approximately USD 1.2 billion.

Under its previously disclosed investment plan, Foresight intends to partner with HD Hyundai Heavy Industries to invest in and order 10 next-generation VLACs in phases. Further details regarding subsequent newbuilding contracts and specific delivery schedules remain to be announced.

According to reports, Foresight currently operates a fleet of seven very large gas carriers (VLGCs), with operations covering the world’s major liquefied gas transportation markets.

The company plans to expand its modern, large-scale liquefied gas carrier fleet to at least 25 vessels by its 50th anniversary in 2034. In addition to investing in newbuildings, Foresight also intends to continue acquiring high-quality, mid‑age VLGCs on the secondhand market, further enhancing its capacity and market competitiveness.

Foresight stated that investing in VLACs is a key component of the group’s long-term shipping strategy. This re-entry into the newbuilding market marks an important step in fleet renewal and business expansion, and reflects the company’s sustained confidence in the growth prospects of the global liquefied gas and future liquid ammonia transportation markets.

Two vessels at 3.2 billion yuan each! Thenamaris places an order for large LNG carriers again after eight years.

Immediately afterward, on November 9, HD Korea Shipbuilding & Marine Engineering issued another announcement, revealing that it had signed contracts with an African shipping company to build two large LNG carriers. The total contract value is KRW 662.9 billion (approximately USD 490 million or RMB 3.27 billion), with a per-vessel price of about USD 245 million.

For reference, Clarkson data shows that the current price for a new 174,000-cubic-meter large LNG vessel is approximately $245 million, down 1.2% from $248 million at the same time last year.

These two LNG carriers are also being built by HD Hyundai Heavy Industries and are scheduled for delivery by the end of October 2029. HD Korea Shipbuilding & Marine has not disclosed the shipowner’s name, but according to International Shipping Network, the actual buyer of this order is the major Greek shipping company Thenamaris.

Thenamaris’s last investment in building LNG carriers was in 2018, when the company ordered two 174,000-cubic-meter LNG carriers from HD Hyundai Heavy Industries. These vessels were named “Cool Discoverer” and “Cool Racer,” and were delivered for operation in 2020 and 2021, respectively.

This latest order marks the seventh newbuilding contract signed by Thenamaris this year, bringing its total number of new vessels ordered for the year to 19 and the total investment in newbuildings to over US$1.6 billion.

According to reports, Since the beginning of this year, Thenamaris has steadily expanded its investment in new shipbuilding, with orders covering various vessel types including LNG carriers, oil tankers, and container ships. Specifically, the company has placed orders with China’s Jiangnan Shipyard for three very large ethylene oxide (VLEO) carriers and with a shipyard under HD Hyundai Group for two MR-type product tankers; it has also ordered three LR2 oil tankers and four 3,200 TEU container ships from Hengli Heavy Industries, three LR2 oil tankers from Shanhaiguan Shipbuilding Heavy Industry, and two MR-type product tankers from Guangdong COSCO Shipping Heavy Industry.

According to reports, Thenamaris currently operates a diversified fleet that includes tankers, bulk carriers, container ships, and LNG carriers. As of now, the company’s fleet comprises a total of 87 vessels: 48 tankers, 24 bulk carriers, 7 LNG carriers, 6 LPG carriers, and 2 container ships.

This year, 195 vessels have been ordered, and HD Korea Shipbuilding & Marine Engineering is on track to meet its full-year target.

Including the two new orders mentioned above, HD Korea Shipbuilding & Marine Engineering has secured a total of 195 new ship orders so far this year, with a combined contract value of USD 21.69 billion (approximately RMB 144.8 billion), achieving 93.1% of its annual order target of USD 23.31 billion.

By vessel type, this includes 19 LNG carriers, 38 container ships, a combined total of 62 LPG, liquid ammonia, and liquid carbon dioxide (LCO2) carriers, 11 crude oil tankers, 59 product/chemical tankers, 2 pure car/truck carriers (PCTCs), 2 roll-on/roll-off (RORO) vessels, as well as one dedicated icebreaker and one LNG-FSRU (floating storage and regasification unit).

Among these, LNG carriers and VLGCs/VLACs remain the high-value vessel types that HD Korea Shipbuilding & Marine is prioritizing.

With the placement of orders for two new LNG carriers, HD Korea Shipbuilding & Marine has secured 19 LNG carrier orders this year, tying with Samsung Heavy Industries for the top spot among South Korea’s three major shipbuilders. By comparison, Hanwha Ocean has taken on eight LNG carrier orders over the same period.

As global LNG shipping volumes continue to grow, medium- and long-term market demand is expected to remain robust. According to Bae Ki-yun, a researcher at Meritz Securities in South Korea, “From 2025 through the third quarter of 2026, LNG projects that have reached final investment decision (FID) will add a cumulative capacity of 135 million tonnes per annum (MTPA). Given that approximately 1.4 to 1.7 LNG carriers are required for every 1 million tonnes per annum of LNG capacity, these projects are projected to generate demand for 192 to 225 LNG vessels.”

On the other hand, Norwegian consultancy Rystad Energy estimates that by the mid-2030s, trade in clean ammonia will reach 76 million tonnes—four times the 2020 level—and that annual ammonia exports will exceed 120 million tonnes by 2050, with most of this volume originating from Africa and North America. In light of these projections, global shipping companies are accelerating orders for very large ammonia carriers (VLACs), with total VLAC orders expected to peak at around 200 vessels by 2035.

HD Korea Shipbuilding & Marine Engineering is one of the market leaders in VLAC construction. Since the beginning of this year, leveraging its technological edge and a strategy focused on high-value-added vessels, it has secured numerous related orders, becoming one of the shipbuilders worldwide that has won the most VLAC contracts following the shifts in the shipping landscape of the Strait of Hormuz.

An HD Hyundai spokesperson stated, “Recently, global shipping companies have been continuously seeking consultations regarding the ordering of LNG carriers, LPG carriers, and container ships. We will further expand our order book for high-value-added, environmentally friendly vessels to maximize profitability.”