HD Hyundai Heavy Industries said Monday it won a 504.8 billion won ($343 million) order from Korea-based KSS Line to build three very large gas carriers (VLGCs), according to a regulatory filing.
The vessels are scheduled for delivery by August 2029.
Separately, Hanwha Ocean announced a 507.4 billion won contract with an Africa-based shipowner to construct three very large ammonia carriers (VLACs), with deliveries set through January 2030.
The latest deals bring the combined value of the two shipbuilding contracts to more than 1 trillion won.
The orders come as instability in the Middle East forces energy exporters and importers to diversify supply routes away from the Persian Gulf, increasing voyage distances and demand for long-haul transport capacity.
Hanwha Ocean said the VLAC market has faced short-term uncertainty as exports from the Middle East declined due to the regional conflict. But the company added that overall cargo demand has remained resilient as exports from the United States and other regions expanded.
With major import demand concentrated in Asia, the shift in export origins is lengthening shipping routes and boosting the strategic importance of high-capacity gas carriers.
Hanwha Ocean said the latest contract raises its ammonia carrier orders this year to 10 vessels, strengthening its foothold in a market increasingly tied to cleaner fuel infrastructure and the transition toward a hydrogen economy.
The company has been developing ammonia carrier technologies for years as the global shipping industry accelerates decarbonization efforts. Hanwha Ocean said it secured approvals in principle in 2022 from Bureau Veritas and Lloyd's Register for its ammonia carrier design.
Last year, the shipbuilder also began joint development work with Korean Register on a 150,000-cubic-meter very large ammonia carrier.
Hanwha Ocean described ammonia carriers as a new high-value vessel category for South Korea’s shipbuilding industry following LNG carriers, where Korean shipbuilders hold more than 80 percent of the global market.
The company said it will continue a selective order strategy focused on eco-friendly and high value-added vessels tied to cleaner energy demand.
Including the latest agreement, Hanwha Ocean has secured orders this year for 18 vessels worth about $3.2 billion, including 10 very large crude carriers, four LNG carriers, three VLACs and one wind turbine installation vessel.
Shares of Hanwha Ocean added 0.5 percent to 132,400 while HD Hyundai Heavy Industries fell 0.6 percent to 681,000 won as of 2:30 p.m.
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