# HD Hyundai Heavy wins $467 million gas carrier contract *The four-vessel deal with an unnamed Middle Eastern shipper locks in Ulsan dry dock slots through June 2030 and brings group order intake to 82.6% of its 2026 target.* **Published:** October 15, 2026 **By:** Hyun-jung Lee **Section:** Shipbuilding & Defense — South Korea **Format:** Breaking **Confidence:** high **Source:** https://eastasiabrief.com/shipbuilding/hd-hyundai-heavy-wins-467-million-gas-carrier-contract-732 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - HD Hyundai Heavy Industries books 625.8 billion won ($467 million) four-ship VLGC order on Oct. 15, 2026 - Deal accounts for 3.56% of 2025 revenue and extends Ulsan shipyard backlog through June 2030 - Parent HD Korea Shipbuilding reaches 82.6% of its $23.31 billion annual target with 174 vessels booked ![Shipbuilders work on a large gas carrier vessel under towering cranes at HD Hyundai Heavy Industries' shipyard in Ulsan. (AI-generated image)](https://eastasiabrief.com/media/2026-10-15-da9dfb73c4e5.webp) *Shipbuilders work on a large gas carrier vessel under towering cranes at HD Hyundai Heavy Industries' shipyard in Ulsan. (AI-generated image)* HD Hyundai Heavy Industries signed a 625.8 billion won ($467 million) contract on Oct. 15, 2026, to construct four very large gas carriers for a Middle East shipping company. The agreement represents 3.56% of the shipbuilder's 2025 consolidated annual revenue of 17.58 trillion won ($13.1 billion). Work will take place entirely at the company's primary shipyard in Ulsan. Shipyard operations for the four vessels run from Oct. 14, 2026, to June 30, 2030. That schedule commits berth space and dry dock capacity in Ulsan for three years and eight months. Parent intermediate holding company HD Korea Shipbuilding & Offshore Engineering disclosed the subsidiary award simultaneously on the financial regulatory docket. The holding group manages commercial contracting across three domestic yards. The order lifts cumulative 2026 contract wins at HD Korea Shipbuilding & Offshore Engineering to 174 vessels valued at $19.25 billion. That total covers 82.6% of the group's full-year target of $23.31 billion. The price per hull equates to roughly $116.7 million based on the contract exchange rate of 1,340.50 won per dollar. The vessels belong to the very large gas carrier segment designed to transport liquefied petroleum gas. Dual-fuel propulsion systems allow the ships to burn liquefied petroleum gas as bunker fuel alongside conventional marine diesel. That dual-fuel specification reduces carbon dioxide emissions and complies with tighter International Maritime Organization discharge rules. Dry docks across South Korea's primary shipyards remain booked through late 2029. The multi-year delivery queue allows domestic builders to price future production slots selectively rather than chasing bulk cargo volume. HD Hyundai Heavy Industries has used that pricing leverage to prioritize high-value gas tonnage over lower-margin container and bulk vessels. The strategy protects operating margins against steel plate price volatility and yard labor expenses. Chinese shipbuilders continue to expand their presence in conventional merchant ship construction. South Korean yards have countered by concentrating their production capacity in liquefied gas carriers and specialized tankers. Payment terms under the contract follow standard shipbuilding milestones tied to steel cutting, keel laying and launch stages. HD Hyundai Heavy Industries collected an advance deposit upon execution to support raw material procurement. The regulatory filing does not state the corporate name of the Middle Eastern buyer. HD Hyundai Heavy Industries also did not disclose whether the agreement includes options for subsequent sister ships. Deliveries will conclude sequentially by June 30, 2030, marking the formal completion of the quartet and releasing the assigned Ulsan construction slots. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Four-vessel VLGC contract award | HD Hyundai Heavy Industries fills Ulsan berths through mid-2030, taking group intake to | | | | | Four-vessel VLGC contract award | HD Hyundai Heavy Industries fills Ulsan berths through mid-2030, taking group intake to $19.25 billion | Competing yards miss high-margin dual-fuel gas slots as Korean yards retain premium pricing | Domestic gas importers face firm charter rates on limited yard slot availability | Dual-fuel VLGC fleet expands by four hulls on Middle East export routes by 2030 | ## In this story - **Companies:** HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering - **Tickers:** 329180.KS, 009540.KS - **Policy:** Economic Security - **Impact:** Order Book, Capex, Pricing ## Primary sources 1. fss.or.kr 2. specialtimes.co.kr 3. digitaltoday.co.kr 4. businesspost.co.kr 5. fnnews.com --- Cite as: East Asia Brief, "HD Hyundai Heavy wins $467 million gas carrier contract," October 15, 2026. https://eastasiabrief.com/shipbuilding/hd-hyundai-heavy-wins-467-million-gas-carrier-contract-732