A mystery European shipowner has placed a significant LNG bunker vessels order with HD Hyundai Mipo, signaling continued growth in the global LNG bunkering market.
South Korea – HD Hyundai Mipo, a division of shipbuilding giant HD Korea Shipbuilding & Offshore Engineering (HD KSOE), has secured a new contract valued at KRW 270.6 billion (around $197 million) to build two LNG bunker vessels for an undisclosed European shipowner.
Each vessel will feature a capacity of 18,000 cubic meters (cbm) and is scheduled for delivery by November 2027. The identity of the client remains confidential, adding intrigue to what is clearly a strategic investment in LNG marine fuel infrastructure.
This order adds to Hyundai Mipo’s expanding LNG portfolio. Earlier in 2025, the company signed a $372 million contract to construct four similar vessels for an African client, to be delivered by the second half of 2028. A few months prior, Hyundai also received a $185.4 million order for two LNG bunker vessels from another undisclosed European company, as well as a $370 million deal for four more vessels, reportedly linked to Eastern Pacific Shipping (EPS) and MSC.
According to Intermodal Shipbrokers, the demand for LNG-capable vessels is climbing. As of March 2025, 1,329 vessels globally are equipped to use LNG fuel—up sharply from just 558 in 2021. The average capacity of newly ordered LNG bunkering vessels has also nearly doubled, reaching 17,179 cbm, reflecting a shift toward larger, more efficient units.
With 32 LNG bunker vessels now engaged in ship-to-ship refueling worldwide, and ownership concentrated in East Asia and Europe, the market is clearly maturing. Most LNG bunkering vessels are built in South Korea and China, with an average age of just six years.
This latest contract further cements HD Hyundai Mipo’s position at the forefront of sustainable maritime fueling solutions and underscores Europe’s commitment to cleaner energy alternatives in shipping.