HD Hyundai Mipo Dominates the LNG Bunker Vessel Boom

South Korea’s Shipbuilding Giant Secures Back-to-Back Mega-Deals

HD Hyundai Mipo is riding the wave of surging demand for LNG bunker vessels, securing a KRW 270.6 billion ($197 million) order to build two 18,000 cbm LNG bunker vessels for an undisclosed European shipping company. The ships are slated for delivery by November 2027, adding to a string of high-profile contracts for the South Korean shipyard. Earlier in 2024, the company landed a KRW 538.3 billion ($372 million) deal to construct four similarly sized vessels for an African client, with delivery expected in late 2028.

“The LNG bunkering market is exploding, and shipyards like HD Hyundai Mipo are the clear winners,” says a maritime analyst familiar with the deals. “These vessels are becoming the workhorses of the energy transition.”

The momentum didn’t stop there. In September 2024, HD Hyundai Mipo inked a $185.4 million agreement for two LNG bunker vessels for another European firm, followed by a $370 million order for four 18,000 cbm units destined for an Asian company—rumored to involve shipping giants Eastern Pacific Shipping and MSC. These deals underscore the accelerating shift toward LNG as a bridging fuel in global shipping, despite lingering debates about its long-term role in decarbonization.

The Bigger, the Better: LNG Fleet Expansion Accelerates

As of March 2025, the global fleet includes 1,329 LNG-capable vessels, accounting for 110 million gross tons (6.56% of all ships)—a dramatic jump from just 558 vessels in 2021. Meanwhile, the specialized bunkering fleet is growing rapidly: 32 LNG bunkering vessels were operational by 2025, with an average age of six years. Most were built in Chinese and South Korean yards and are owned by companies in East Asia and Europe.

“The new generation of bunker vessels is nearly twice the size of older models,” notes a trade report. “It’s a game-changer for efficiency.”

The data backs this up. Newly ordered LNG bunkering vessels average 17,179 cbm, dwarfing the current fleet average of 8,225 cbm. This leap reflects the industry’s push toward larger, more cost-effective units to meet rising demand for LNG refueling at major ports. With HD Hyundai Mipo at the forefront, the race to build the infrastructure for cleaner shipping is heating up—one massive bunker vessel at a time.