Hyundai Heavy to build LNG carrier duo for about $530 million

South Korean shipbuilder HD Hyundai Heavy Industries has won a contract to build two liquefied natural gas (LNG) carriers worth about $530 million.

HD Korea Shipbuilding & Offshore Engineering said on Thursday that its unit HD Hyundai Heavy Industries will build the two 174,000-cbm LNG tankers for an owner in Africa.

Hyundai Heavy will deliver the vessels by November 2027.

The order is worth 679 billion won ($530 million) or about $265 million per vessel, which is the highest price for a single 174,000-cbm LNG carrier.

KSOE did not reveal any additional information regarding the order.

Shipbuilding sources said that Greece’s Evalend Shipping is the owner behind this order for two LNG carriers.

The company does not have LNG carriers in its fleet so this marks its entry into the LNG sector.

This year, KSOE and its units have received orders for a total of 116 ships worth $15.26 billion, including 20 LNG carriers.

The group has almost reached its annual target of $15.7 billion.

Prior to this order for two LNG carriers, Hyundai Samho won a contract for two LNG carriers worth about $523 million, while Hyundai Heavy won two contracts in May to build six LNG carriers worth about $1.6 billion.

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