South Korean shipbuilder HD Hyundai Mipo (HMD) has landed a contract worth approximately $161.8 million (KRW 230.6 billion) to construct two liquefied petroleum gas carriers (LPGCs). While the identity of the client has not been officially disclosed, industry insiders suggest that the order may have come from Nieto Trading, a Netherlands-based energy and oil & gas company.
According to a filing on the Korean stock exchange, the vessels are expected to be delivered by the end of July 2027.
HMD, a key subsidiary of the HD Hyundai Group based in Ulsan, has been actively expanding its footprint in the gas carrier market, alongside its sister company HD Korea Shipbuilding & Offshore Engineering (HD KSOE). Together, these firms have secured numerous contracts over the past few years to meet the growing demand for gas transport vessels.
In January 2024, HMD began construction on a 46,000 cbm LPG carrier equipped with a dual-fuel ammonia engine. This vessel, ordered by Belgian shipowner EXMAR, is one of six midsize gas carriers being developed through a joint venture between EXMAR and Seapeak. These state-of-the-art ships are designed to run on both LPG and ammonia, reflecting the industry’s shift toward cleaner fuels.
In 2023, Turkish firm Pasco Gas also commissioned HMD to build two midsize LPG carriers, one ordered early in the year and another added later. These ships, along with others under construction for maritime services provider Purus—based in Singapore and Hong Kong—will feature advanced cargo handling systems developed by Finnish company Wärtsilä.
Meanwhile, HD KSOE is on track to deliver at least eight gas carriers by the end of Q3 2027, comprising four LPGCs and four very large ammonia carriers (VLACs). In January 2024, the company signed a deal worth about $240 million (KRW 317 billion) for two VLACs and two LPGCs, with deliveries expected by March 2027 for an Oceania-based client.
Just a month later, HD KSOE secured additional orders from two more international shipping companies—one based in Africa and the other in Asia. The African client invested around $241.3 million for two VLACs, with delivery due by February 2027. The Asian company ordered two LPGCs for roughly $129 million, with expected handover by October 2026.