HD Hyundai Mipo scores order for four LNG bunkering vessels

HD Hyundai Mipo said in a stock exchange filing that it will build the vessels for an unidentified Asian shipping firm.

The shipbuilder said the contract is worth 514.8 billion won or about $370 million.

This puts the price tag for one vessel at $92.5 million.

According to HD Hyundai Mipo, the vessels will have a capacity of 18,000 cbm.

The LNG bunkering ships are scheduled for delivery by October 2028.

LNG Prime could not immediately find out who placed the order at the shipbuilder.

HD Hyundai recently won an order to build one LNG bunkering vessel with a capacity of 12,500 cm.

This order is worth about $88 million and sources said that the vessels would serve South Korea’s Posco.

Prior to this contract for one LNG bunkering vessel, Hyundai Mipo won an order to build up to two LNG bunkering ships with a capacity of 18,000 cbm.

Hercules Tanker Management, a new shipping firm owned by Peninsula CEO John Bassadone, is behind this order.

These vessels are each worth about $92.5 million, and they will be delivered by November 2027.

Last year, Hyundai Mipo delivered one 18,000-cbm LNG bunkering vessel to owner Pan Ocean and charterer Shell.

Hyundai Mipo also handed over a 12,500-cbm LNG bunkering ship to Scale Gas, a unit of Spain’s Enagas, and Peninsula.

DNV’s data recently showed that there are 61 LNG bunkering vessels in operation and 13 on order.

The classification society said 177 new orders for LNG-fuelled vessels, mostly containerships, were placed during July-October this year.

According to DNV, there are now 609 LNG-powered ships in operation and 632 LNG-fueled vessels on order.