Korean shipbuilders land LNG, ammonia orders
South Korea's three major shipbuilders have secured new orders for high-value energy transport vessels, including ammonia carriers and a floating LNG
South Korea's three largest shipbuilders have announced new contracts for energy transport vessels, capitalizing on resilient demand for infrastructure. HD Korea Shipbuilding & Offshore Engineering Co., Samsung Heavy Industries Co., and Hanwha Ocean Co. all reported orders this week for high-value ships like ammonia carriers and a floating storage unit.
Hanwha Ocean said on Monday it won a 507.4 billion won ($345 million) order from an African shipowner to build three very large ammonia carriers. This brings the company's total orders for ammonia carriers to 10 so far this year. The shipyard has been focusing on developing high-value, eco-friendly fuel vessels in response to market demand.
Recent Major Contracts
The recent flurry of orders includes several large deals. The contracts announced by the three companies are detailed below.
| Company | Order Value | Client | Vessel Type | Quantity | Key Details |
|---|---|---|---|---|---|
| Hanwha Ocean | 507.4 billion won ($345M) | African shipowner | Very large ammonia carriers | 3 | Brings yearly ammonia carrier orders to 10. |
| HD Korea Shipbuilding & Offshore Engineering | 504.8 billion won | KSS Line Co. | Very large gas carriers | 3 | To be built by HD Hyundai Heavy Industries, delivered by H2 2029. |
| Samsung Heavy Industries | 484.8 billion won | Asian shipowner | Floating Storage & Regasification Unit (FSRU) | 1 | A floating LNG terminal. |
HD Korea Shipbuilding's contract with KSS Line is for three very large gas carriers. Its affiliate, HD Hyundai Heavy Industries Co., will build the vessels, with delivery scheduled for the second half of 2029. HD Korea Shipbuilding has now won orders for 86 ships this year, which include 18 liquefied petroleum gas (LPG) and ammonia carriers.
Focus on Specialized Vessels
Samsung Heavy's order is for one Floating Storage and Regasification Unit (FSRU). An FSRU is a floating terminal that stores liquefied natural gas and converts it back into gas for delivery onshore. These units are often favored over land-based terminals because they can be deployed more quickly, helping countries increase gas import capacity in the short term.
A Samsung Heavy official commented on the growing demand for such infrastructure. "Amid growing demand for energy infrastructure, FSRUs could become one of the most realistic alternatives," the official said. The company's order is valued at 484.8 billion won from an Asian shipowner.
Hanwha Ocean's push into ammonia carriers follows development work started last year. The company began collaborating with the Korean Register, a ship classification society, to develop a 150,000-cubic-meter very large ammonia carrier. The latest orders reinforce the South Korean industry's strong position in building some of the most technologically advanced and valuable ships for the global energy market.
