Hyundai shipbuilding group's subsidiary wins $183 mln product tanker order from Africa

SEOUL -- Hyundai Mipo Dockyard, a shipbuilder affiliated with Hyundai shipbuilding group, has sealed a 240.1 billion won ($183 million) worth shipbuilding order for vessels capable of carrying petrochemical products with an African shipping company. After building vessels in the southern port city of Ulsan, a total of four ships will be delivered to Africa starting in the second half of 2025.
 
Hyundai said in a statement on March 31 that each ordered ship costs about $46.2 million. The company has not disclosed the name of the African contractor.
 
Hyundai said it has previously won an order to supply 24 medium-sized LPG ships. The vessels are mainly used to carry LPG and ammonia. Ammonia, produced through a chemical reaction between hydrogen and nitrogen, is considered an important part of a sustainable ecosystem. 

Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of HD Hyundai also grabbed a total of 49 orders worth $6.51 billion in 2023. KSOE's spokesperson told Aju Korea Daily earlier this month that the company will supply gas tanker ships to Arab Maritime Petroleum Transport (AMPTC), a Middle Eastern transportation company.