Hyundai Mipo Dockyard Wins Order for 4 Medium PC Ships Worth 240.1 Billion KRW

Africa Seonsa Leads the World in 2025 India Medium-sized LPG Ship Order Backlog
Ranked No. 1 Globally

Hyundai Mipo Dockyard is leading the medium-sized ship market.

Hyundai Mipo Dockyard announced on the 31st that it recently signed a construction contract for four petroleum product carriers (PC ships) with a shipping company based in Africa.

The contracted ships are priced at $46.2 million (approximately 59.9 billion KRW) each, with a total contract amount of about 240.1 billion KRW.

The ships will be built at Hyundai Mipo Dockyard in Ulsan and are scheduled to be delivered sequentially to the shipowner starting from the second half of 2025.

Hyundai Mipo Dockyard's 50,000-ton PC vessel built in 2021 and delivered to the shipowner
[Photo by Hyundai Mipo Dockyard]

Hyundai Mipo Dockyard has secured a total of 11 medium-sized PC ships orders as of February this year. With the addition of these four ships, it has won 15 out of 27 PC ships ordered worldwide this year, holding about 56% of the global market share.

Hyundai Mipo Dockyard is the global leader in the medium-sized LPG carrier sector. Out of 30 ships in the order backlog, it holds 24 ships (80%).

Medium-sized LPG carriers mainly transport LPG and ammonia. When ammonia propulsion engines become commercialized in the future, they are expected to be first applied to medium-sized LPG carriers, maximizing operational economy, which is attracting growing interest from shipowners.

A Hyundai Mipo Dockyard official said, “With the continued improvement in the market conditions for medium-sized PC and LPG carriers, additional orders are expected in the future, and ship prices are also on the rise. We will continue to lead the medium-sized ship market by maximizing differentiation from competitors through relentless technological advancement.”