HD Hyundai Mipo, a subsidiary of South Korean shipbuilding giant HD Korea Shipbuilding & Offshore Engineering (HD KSOE), has landed a KRW 270.6 billion (approximately $197 million) contract to build two LNG bunker vessels. The order was disclosed through a stock exchange filing.
Each vessel will have a cargo capacity of 18,000 cubic meters (cbm), and delivery is slated for completion by the end of November 2027. The buyer, a European-based shipping company, has not been publicly identified.
This latest deal builds on HD Hyundai Mipo’s growing portfolio in the LNG bunkering segment. Earlier this year, the yard secured a KRW 538.3 billion ($372 million) contract to construct four similarly sized LNG bunker vessels for an African shipowner, with deliveries planned for the second half of 2028.
In addition, HD Hyundai Mipo signed a $185.4 million agreement in September 2024 to deliver two LNG bunker vessels to another undisclosed European shipowner. This was followed by a $370 million deal to build four 18,000 cbm LNG bunker ships for a client in Asia. Market speculation has linked that order to a joint venture between Singapore’s Eastern Pacific Shipping (EPS) and Swiss shipping major MSC Mediterranean Shipping Company.
The surge in LNG-capable vessel orders reflects a broader trend across the maritime industry. According to Intermodal Shipbrokers, as of March 2025, the global fleet includes 1,329 LNG-fueled vessels with a combined gross tonnage of 110 million, representing 6.56% of the total fleet—up from just 558 such vessels in 2021.
The LNG bunkering market is also expanding, with 32 bunkering vessels now active in ship-to-ship operations. The average age of these units is six years, with most constructed in South Korea and China. Ownership is heavily concentrated in East Asia and Europe, including countries like Japan, South Korea, and Spain.
Significantly, the average size of newly ordered LNG bunkering vessels has nearly doubled—from a previous average of 8,225 cbm to 17,179 cbm—signaling a market shift toward larger, higher-capacity units to meet rising demand for clean marine fuel.