HD Korea Shipbuilding Marine, the intermediate holding company of the shipbuilding business of the HD Hyundai Group, announced on March 18 that the company has signed a contract with an Oceania regional shipping company to build three very large liquid ammonia carriers (VLAC), with a total order value of about 489.6 billion won (about $372 million) and a single vessel cost of about 163.2 billion won (about $124 million). .
The new vessel will be built by HD Hyundai Heavy Industries and is expected to be delivered to the owner by December 31, 2027. This is the second VLAC order received by HD Korea Shipbuilding & Marine in less than a month. On February 20, the company announced a contract with Greek Shipping company Evalend Shipping to build two 91,000 cubic meters of VLAC, also built by HD Hyundai Heavy Industries, which are expected to be delivered in February 2027.
Including the latest order,HD Korea Shipbuilding & Marine has secured 72 new ship orders worth $8.75 billion, reaching 64.8% of its annual order target of $13.5 billion.
By vessel type, including 6 liquefied natural gas (LNG) carriers, 26 product tankers, 24 liquefied petroleum gas (LPG)/ ammonia carriers, 1 Very large ethane carrier (VLEC), 2 liquefied carbon dioxide carriers, 6 Very large crude oil carriers (VLCC), 3 medium crude oil carriers, 2 automobile carriers (PCTC) One FSRU and one offshore unit.
According to the dragon ship order library statistics, so far this year, the world has ordered 20 VLAC, all contracted by South Korean ship companies. Samsung Heavy Industries and Hanwha Marine (formerly Daewoo Shipbuilding and Marine Engineering) won two ships each. The other 16 ships will be built by HD Korea Shipbuilding and Marine Engineering, while its shipbuilding subsidiaries HD Hyundai Heavy Industries and Hyundai Samho Heavy Industries will build 12 and four, respectively.
On January 8,HD Korea Shipbuilding & Marine announced the contract for the construction of two 88,000 cubic meters of VLAC from Turkish shipping company PascoGas to be built by HD Hyundai Heavy Industries, which is expected to be delivered successively to the owner by March 2027. This is the world's first VLAC order for 2024. Subsequently,HD Korea Shipbuilding & Marine signed the contract for the remaining 14 VLAC vessels.
Samsung Heavy Industries and Hanwha Marine announced VLAC orders on January 18 and January 22, respectively. The order from Samsung Heavy Industries was placed by TMS Cardiff Gas, owned by Greek shipping king George Economou, with a cargo hold capacity of 88,000 cubic meters, which is expected to be delivered to the owner in sequence by November 2027. This is the first order received by Samsung Heavy Industries in 2024. Hanwha Marine's order, which was placed by Greek shipping company Alpha Gas, has a cargo hold capacity of 93,000 cubic meters and is expected to be delivered to the owner in the second half of 2027.
So far this year, although Chinese ship companies have not yet obtained new orders in the VLAC new shipbuilding market, they have made important breakthroughs in this emerging market.
On May 6, 2023, Jiangnan Shipbuilding (Group) Co., LTD., a subsidiary of China State Shipbuilding Corporation Limited, joined hands with China State Shipbuilding Trading Co., LTD., and Singapore shipping company Eastern Pacific Shipping,EPS signed a contract for the construction of four 93,000 cubic meters of VLAC, the first VLAC order in China's shipbuilding industry; Four months later, East Pacific Shipping announced an order for two additional 93,000 cubic meter VLAC from Jiangnan Shipbuilding. So far, Jiangnan shipbuilding VLAC hand orders have reached 6.
It is understood that the 93,000 cubic meter VLAC is a derivative of the fourth generation VLGC boutique ship type independently developed and designed by Jiangnan Shipbuilding (Panda) 93A), is currently the world's largest liquid ammonia carrier, with a total length of 230 meters, a width of 36.6 meters, a depth of 22.5 meters, and a structural draft of 13 meters, classified by Lloyd's Register of Shipping (LR).
At present, green ammonia is considered to be one of the most promising alternative fuels to achieve the goal of zero-carbon shipping, and with the expected expansion of the demand for ammonia fuel, the demand for a stable supply of liquid ammonia long-distance carriers will also increase. In this context, it is expected that Chinese ship companies can seize this market opportunity, make more breakthrough achievements in the field of VLAC ship type, and continue to increase the market share of this type of ship.
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