GTT signed with HD KSOE to supply liquid cargo tank design for four 200,000 m³ LNG carriers at HD Hyundai Heavy Industries, with deliveries planned from Q3 2028 to Q1 2029.
GTT signed tank design contracts with Hanwha Ocean, Samsung Heavy Industries and HD KSOE for seven 174,000 m³ LNG carriers, using Mark III Flex and NO96 Super+ systems with deliveries from 2028 to 2029.
A Seoul court has ordered KOGAS to pay KRW299.6bn to Samsung Heavy Industries after defective LNG cargo tanks on SK Serenity and SK Spica led to costly repairs and claims by SK Shipping.
Korea’s big three shipbuilders are expected to secure $46.4 billion in 2026 orders and generate combined operating profit of 10.124 trillion won, driven by strong LNG carrier demand and Korea’s dominant market share.
Clarkson data cited by Korean media show South Korea back in the low-20% range (about 22%) of global orders in 2025 despite a 37% market decline, led by the Big Three’s selective intake.
Samsung Heavy Industries signed a 743 billion won contract for two LNG carriers with an Oceania-based owner. Delivery is due by March 2029, lifting annual orders to 41 vessels worth about $7.4 billion.
Over five decades, HD Hyundai expanded from its early Ulsan shipyard to become a globally recognized shipbuilder. The company’s production progress, naval and commercial ship programs, and worldwide customer network culminated in its recent 5,000-ship delivery milestone.
Global ship orders dropped 38% year-on-year in October, according to Clarksons Research. China led the market with a 73% share, while Korea accounted for 18% amid a broader industry slowdown.
Korea’s major shipbuilders posted strong Q3 2025 earnings, but rising container ship orders and Chinese price competition have raised profitability concerns.
