SEOUL, April 29 (AJP) - HD Korea Shipbuilding & Offshore Engineering said Tuesday it has secured contracts for 22 container ships, valued at more than 2.53 trillion won, or about $1.86 billion, over a four-day span.
The orders come amid a notable shift away from Chinese shipyards following new U.S. port fee announcements targeting Chinese-built vessels.
The Korean shipbuilder signed contracts with a shipping company based in Oceania for four 8,400 TEU (twenty-foot equivalent unit) vessels worth 804.9 billion won, eight 2,800 TEU ships for 631.6 billion won, and six 1,800 TEU vessels totaling 380 billion won.
Earlier last week, it also secured deals with an Asian shipping company for two 2,800 TEU vessels valued at 159.3 billion won, and two 16,000 TEU ships for 559.6 billion won.
The newly ordered vessels will be constructed at HD Hyundai Mipo's shipyard in Ulsan and HD Hyundai Samho's shipyard in Yeongam, with deliveries scheduled through the first half of 2028.
HD Hyundai Mipo alone has now secured orders for 16 ships this year, representing nearly half of all global container ship orders under 3,000 TEU capacity so far in 2025.
Separately, Samsung Heavy Industries announced Monday that it had signed a deal with an Asian shipping company for two container ships worth 561.9 billion won, marking its first container ship order of the year.
The container ship market has been largely dominated by Chinese shipbuilders in recent years.
China's share of the global market rose to 70 percent last year, up from 52 percent in 2022, largely due to prices about 20 percent lower than those offered by South Korean competitors. Over the same period, Korean shipbuilders saw their market share fall from 32 percent to 16 percent.
But the momentum appears to be shifting. The Trump administration’s decision to impose port fees of up to $250 per container on Chinese-built ships entering U.S. ports has prompted global shipping companies to redirect orders to South Korean shipyards.
Amid the surge in demand, Korean shipbuilders are investing heavily to expand their production capacity.
Hanwha Ocean, which secured a 2.33 trillion won contract in March to build six 24,000 TEU container ships, said it would invest 600 billion won to add a new ultra-large floating dock, capable of supporting 180,000 tons, and an offshore crane with a 6,500-ton lifting capacity at its Geoje shipyard.
reporter
Candice Kim
candicekim1121@ajupress.com
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