SEOUL, September 29 (AJP) - HD Hyundai Mipo, a subsidiary of South Korea’s HD Hyundai, said Monday that it had won a contract to build three container ships worth 222 billion won, or about $167 million, from an Oceania-based shipping company.
The order calls for two 2,800-TEU container vessels and one 1,800-TEU container vessel, all to be constructed at the company’s Ulsan shipyard and delivered by October 2027. The so-called feeder ships, which typically carry fewer than 3,000 containers, serve as links between smaller regional ports and major international hubs.
Demand for such vessels has climbed in recent years as shipping companies look to capitalize on short-haul routes in Asia and Europe, where higher turnover and lower fuel costs make them profitable.
Clarkson Research, a London-based shipping data provider, estimates the feeder ship market will total $2.74 billion this year and nearly triple by 2035, expanding at an annual rate of 8.7 percent.
The contract adds to a growing order book for HD Hyundai Mipo, which has secured 21 feeder ship deals so far this year, up from six in 2024. The company has promoted new hull designs that it says can improve fuel efficiency by as much as 20 percent while cutting carbon emissions.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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