Hyundai Heavy Industries has secured a significant order in the construction sector, inking a contract for the building of two LPG carriers. The agreement, titled "45K (LPG D/F) LPGC 2척," is valued at a substantial 230.6 billion KRW, reflecting 4.98% of the company’s total sales from the last fiscal year, which amounted to 4.63 trillion KRW.
The contract partner is a European shipping company, although the specific details regarding the company's identity or its relationship with Hyundai Heavy Industries are not disclosed. The supply will extend primarily to European markets, marking a significant step for the company's international market strategy.
The contract is scheduled to commence on April 16, 2025, with an expected completion date by July 31, 2027. Payment will be transacted in phases based on the progression of construction, and advance payments are stipulated as part of the agreement's terms.
The exchange rate used for calculating the contract amount was based on the rate on April 16, 2025, where 1 USD equaled 1,423.3 KRW. The corporate status of Hyundai Heavy Industries is classified as large-sized, which plays a role in this sizable and strategic contract.
This development marks a noteworthy advancement in Hyundai Heavy Industries's operational pursuits, suggesting promising prospects for future growth and reinforcing its position in the competitive global shipbuilding market.