HD Hyundai Mipo Secures Order for Two LNG Bunker Vessels

HD Hyundai Mipo, a subsidiary of South Korean shipbuilding major HD Korea Shipbuilding & Offshore Engineering (HD KSOE), has recently announced a new order worth KRW 270.6 billion (approximately $197 million) for the construction of two LNG bunker vessels.

The shipbuilding contract entails the construction of two LNG bunker vessels with a capacity of 18,000 cubic meters (cbm) each. These vessels were ordered by an undisclosed shipping company based in Europe, with delivery expected to be completed by the end of November 2027.

This latest order adds to HD Hyundai Mipo’s growing portfolio in the LNG bunkering sector. Earlier this year, the company secured a KRW 538.3 billion ($372 million) contract to build four LNG bunker vessels of the same capacity for an African shipping company, with delivery scheduled for the second half of 2028.

Notably, HD Hyundai Mipo has been actively expanding its presence in the LNG bunkering market, with previous contracts including the construction of two LNG bunker vessels for a Europe-based shipping company and four bunkering vessels for an undisclosed shipping company in Asia.

Increasing Demand for LNG Bunker Vessels

According to industry reports, LNG-capable vessels are gaining popularity in the global fleet, with 1,329 vessels capable of using LNG as fuel as of March 2025. This represents a significant increase from 558 such vessels in 2021, indicating a growing trend towards cleaner energy sources in the maritime sector.

The LNG bunkering market has also witnessed a surge in demand, with 32 LNG bunkering vessels currently engaged in ship-to-ship fueling operations. These vessels have an average age of six years, with most units built in Chinese and South Korean shipyards.

Furthermore, the average size of newly ordered LNG bunkering vessels has increased to 17,179 cbm, signaling a shift towards larger units to meet the growing needs of the market. Ownership of these vessels is primarily concentrated in East Asia and Europe, with countries like Japan, South Korea, and Spain leading the way in LNG bunkering infrastructure.

Overall, the rise in LNG bunkering vessels reflects the maritime industry’s commitment to sustainable and environmentally friendly practices, paving the way for a cleaner and greener future for shipping operations worldwide.