South Korean shipbuilding giant HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has landed a significant contract worth KRW 538.3 billion ($372 million) to construct four LNG bunkering vessels.
According to the shipbuilding agreement announced on February 10, HD Hyundai Mipo will build four 18,000 cubic meter (cbm) LNG bunkering vessels at its Ulsan facility. These 143-meter-long ships are scheduled for sequential delivery in the latter half of 2028. The vessels have been commissioned by an undisclosed African shipping company.
This latest order follows a $185.4 million contract secured by HD Hyundai Mipo in September 2024 for the construction of two LNG bunkering vessels for an unidentified European client. Shortly afterward, the company announced another major deal valued at approximately $370 million for four additional 18,000 cbm LNG bunkering vessels, reportedly commissioned by an undisclosed Asian shipping company. Market speculation at the time suggested that Singapore-based Eastern Pacific Shipping (EPS) and Swiss shipping giant MSC Mediterranean Shipping Company were behind the order.
The demand for LNG-powered ships continues to rise. According to the Korea LNG Bunkering Industry Association, the number of vessels using LNG as a propulsion fuel—excluding LNG carriers—is projected to grow by 149%, from 472 in 2023 to 1,174 by 2033. Global LNG bunkering consumption is also set to surge, reaching an estimated 15 million tons in 2028—an increase of nearly 4.7 times compared to 2023.
Industry coalition SEA-LNG further predicts that over 2,000 of the world’s 60,000 largest vessels will soon be powered by LNG. Currently, LNG-fueled ships account for more than 2% of the global shipping fleet. To support this expansion, LNG bunkering services are available at 185 ports worldwide, with an additional 50 locations expected to be operational by 2025.
This growing adoption of LNG underscores the maritime industry’s shift toward cleaner fuel solutions, reinforcing the strategic importance of shipbuilders like HD Hyundai Mipo in shaping the future of sustainable shipping.