South Korea’s HD Hyundai Mipo to build LNG bunkering duo

South Korea’s HD Hyundai Mipo has won a contract to build two liquefied natural gas (LNG) bunkering vessels for a European firm.

HD Hyundai Mipo said on Thursday it will deliver these two vessels by November 2027.

The vessels will have a capacity of 18,000 cbm.

HD Hyundai Mipo said the price tag of the deal is 247.9 billion won.

This equals about $185 million or about $92.5 million per vessel.

Moreover, the shipbuilder noted that one of the two vessels is a conditional contract, and will be disclosed separately when it is finalized.

HD Hyundai Mipo only said it will build the vessels for a European shipping firm, but it did not provide any further details regarding the deal.

The shipbuilder delivered last year one 18,000-cbm LNG bunkering vessel to owner Pan Ocean and charterer Shell.

Hyundai Mipo also handed over a 12,500-cbm LNG bunkering ship to Scale Gas, a unit of Spain’s Enagas, and Peninsula.

Shipbuilding sources told LNG Prime that Peninsula could be behind this deal with HD Hyundai Mipo for two vessels.

The marine fuel supplier has been growing its LNG bunkering business since delivery of the 12,500-cbm Levante LNG last year.

Peninsula confirmed after this announcement that Hercules Tanker Management, a new shipping firm owned by Peninsula CEO John Bassadone, is behind the order.

Including this new order, HD Hyundai Mipo’s parent HD KSOE and its units won orders this year for a total of 150 vessels worth $16.97 billion, achieving 125.7 percent of its annual order target of $13.5 billion.

Besides these two LNG bunkering vessels, the orders include 8 LNG carriers and one floating storage and regasification unit (FSRU).

(The article has been updated to say that Hercules Tanker Management, a new shipping firm owned by Peninsula CEO John Bassadone, is behind the order.)

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