HD Hyundai Mipo, a shipbuilding subsidiary of HD Hyundai, has secured orders for container ships by leveraging its new hull design that enhances fuel efficiency.

HD Hyundai Mipo announced on Sept. 29 that it has recently won orders for three container ships worth a total of 222.4 billion won from an Oceania shipping company. The vessels include two 2,800 TEU (1 TEU equals one 20-foot container) container ships and one 1,800 TEU container ship. These ships will be built at HD Hyundai Mipo’s Ulsan shipyard and are scheduled to be delivered sequentially by October 2027.

Feeder container ships of less than 3,000 TEU capacity serve to connect regional ports and hub ports that cannot accommodate larger container ships. They are considered a profitable vessel type due to their ability to be utilized without expanding large terminal facilities, short routes, high turnover rates, and low fuel costs.

According to Clarksons Research, a UK-based shipbuilding and shipping analysis firm, the feeder container ship market is expected to reach approximately $2.74 billion (about 3.84 trillion won) this year. Short-distance maritime demand is rapidly increasing, particularly in Asia and Europe, along with rising shipping rates. Additionally, with about 30% of feeder container ships exceeding 20 years of age, the replacement cycle for aging vessels has arrived. Consequently, the market is projected to grow at an average annual rate of 8.7%, expanding to $6.34 billion by 2035.

HD Hyundai Mipo has already secured orders for 21 feeder container ships this year, showing significantly improved performance compared to last year (6 ships). HD Hyundai Mipo has particularly enhanced its competitiveness in securing orders by developing a new hull form that minimizes resistance and improves propulsion efficiency. The application of the new hull design can save up to 20% in fuel and reduce carbon emissions.

An HD Hyundai Mipo official stated, “We are continuously receiving inquiries from shipping companies prioritizing eco-friendly technology and delivery reliability.” He added, “Based on our overwhelming technological prowess, we will actively pursue new market development, including icebreakers.”

Source:Business Korea