en.Wedoany.com Reported - HD Korea Shipbuilding & Offshore Engineering announced on July 9 that it has signed a construction contract with a Middle Eastern shipowner for six product/chemical tankers. These vessels will be built by HD Hyundai Heavy Industries in Ulsan, with delivery expected by July 2029.
Although HD Korea Shipbuilding & Offshore Engineering did not disclose the specific details of the shipowner, Oman's state-owned shipping company Asyad Shipping has confirmed that it ordered six 49,999 DWT MR product tankers from HD Hyundai Heavy Industries and has signed a five-year long-term time charter contract with "a global leading energy company." The total contract value is 469.9 billion Korean won, approximately $311.3 million or 2.115 billion Chinese yuan, translating to a unit price of about $51.88 million per vessel. According to Clarksons data, the current newbuilding price for a 47,000 to 51,000 DWT MR product tanker is approximately $51.5 million, up about 5% from $49 million in the same period last year.
This order indicates that Asyad Shipping is increasing its investment in the product tanker market. The company's CEO, Ibrahim Al-Nadhairi, stated that the new vessels will feature advanced eco-friendly designs with higher fuel efficiency, and the long-term charter contract aligns with the company's capital allocation strategy while reflecting optimistic expectations for the medium- to long-term product tanker transportation market. Asyad Shipping currently operates one of the world's largest and most diverse fleets, with over 90 vessels of various types, totaling approximately 11.4 million DWT in capacity, and its business spans more than 60 countries. The fleet includes Very Large Crude Carriers (VLCCs), Very Large Ore Carriers (VLOCs), Very Large Gas Carriers (VLGCs), LNG carriers, product tankers, chemical tankers, and dry bulk carriers. It also operates regional container shipping services and maintains long-term partnerships with multiple international energy companies.
The 50,000 DWT MR product tankers ordered by Asyad Shipping were originally a flagship product of HD Hyundai Mipo, which has now been merged into HD Hyundai Heavy Industries. Formerly a global leader in medium-sized commercial shipbuilding, HD Hyundai Mipo has long been at the forefront of the MR product tanker construction market. Its medium-sized product tankers were listed in South Korea's "World-Class Products" catalog as early as 2003. Over 600 MR product/chemical tankers have been built and delivered, making them an industry-recognized classic vessel type. In recent years, HD Hyundai Mipo has continuously upgraded the MR product line, focusing on energy-efficient and eco-friendly designs that significantly reduce fuel consumption and carbon emissions. It has also introduced methanol dual-fuel-powered vessels to meet IMO Tier III emission standards and the latest environmental regulations. In December 2025, HD Hyundai Mipo was officially merged into HD Hyundai Heavy Industries, with the surviving entity unified as HD Hyundai Heavy Industries. However, the original shipbuilding base in Ulsan continues to handle medium-sized commercial vessel construction, with MR product tankers remaining one of its core products.
Including this order, HD Korea Shipbuilding & Offshore Engineering has secured a total of 139 new ship orders this year, with a combined value of $16.03 billion (approximately 108.9 billion Chinese yuan), achieving 68.8% of its annual order target of $23.31 billion. By vessel type, the orders include 17 LNG carriers, 28 container ships, 40 LPG/ammonia carriers (including 2 liquefied CO2 carriers), 11 crude oil tankers, 39 product/chemical tankers, 2 pure car and truck carriers (PCTCs), 1 dedicated icebreaker, and 1 LNG-FSRU.
