HD Hyundai Mipo bags new LNG bunkering vessel order

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

The shipbuilder said the price tag of the deal is 116.2 billion won or about $88 million.

According to HD Hyundai Mipo, the vessel will have a capacity of 12,500 cbm.

It is scheduled for delivery by May 2027.

Shipbuilding sources told LNG Prime that this LNG bunkering vessel would serve South Korea’s Posco.

In addition to this contract, HD Hyundai Mipo won a contract from an unidentified owner in Oceania for two LPG carriers with a capacity of 45,000 cbm, scheduled for delivery by July 2027. This contract is worth 219.1 billion won or about $166 million.

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 Alternative Fuels Insight platform recently revealed that 61 LNG bunkering vessels are in operation and 13 are on order.

According to the platform, there are now 609 LNG-powered ships in operation and 565 LNG-fueled vessels on order.

These statistics do not include smaller inland vessels or dual-fuel LNG carriers.

(The article has been updated to say that this LNG bunkering vessel would serve South Korea’s Posco.)