DNV Forecasts Demand for 208 LNG Bunkering Vessels, Creating Opportunities for HD Hyundai Heavy Industries and HJ Shipbuilding & Construction

[Financial News] The number of LNG-powered vessels is rising as the International Maritime Organization (IMO) tightens environmental regulations. Demand is also growing for LNG bunkering vessels, which refuel these ships at sea. Det Norske Veritas (DNV) has made a specific forecast that up to 208 vessels will be needed by 2030, resulting in a supply shortage. It also highlighted the shipbuilding capabilities of Asia, led by South Korea. The projected demand is expected to create opportunities for HD Hyundai Heavy Industries and HJ Shipbuilding & Construction, which have secured LNG bunkering vessel orders.
According to a white paper published by DNV on the 15th, the expansion of the bunkering fleet has not kept pace with the growth of LNG-powered vessels. Fuel consumption by LNG-powered vessels increased by more than 500% in 2024 compared with 2020 and is expected to rise by an additional 167% from 2025 to 2030. Based on this trend, between 165 and 208 LNG bunkering vessels will be needed by 2030. However, only about 70 bunkering vessels are currently in operation, and the total will be around 100 even after including vessels scheduled for delivery by 2029.
DNV has therefore turned its attention to Asia. South Korea and China are expanding their capacity to supply large LNG bunkering vessels. These vessels require more advanced design capabilities than other LNG carriers because they must handle frequent berthing and unberthing, as well as fuel transfers between ships. As demand grows, the need for large LNG bunkering vessels in the 18,000- to 20,000-cubic-meter range is emerging. This is why expectations are high for South Korea and China, both major shipbuilding powers.
HD Hyundai Heavy Industries has already won multiple LNG bunkering vessel orders, including contracts for large 18,000-cubic-meter vessels. Its most recent order was a contract signed with an African shipping company in February last year to build four 18,000-cubic-meter LNG bunkering vessels. The contract is worth 538.3 billion won in total. The vessels will be built at Ulsan Shipyard and delivered sequentially in the second half of 2028. In September 2024, the company won an order for two vessels from a European shipping company for 247.9 billion won. They are scheduled for delivery next November.
HJ Shipbuilding & Construction also won an order in February last year for one 18,000-cubic-meter LNG bunkering vessel worth 127.1 billion won. After securing an order from Japan’s NYK in 2014 for a 5,100-cubic-meter vessel, the company has now also won a contract to build a large bunkering vessel. The sharp increase in demand for LNG bunkering vessels presents an opportunity for HD Hyundai Heavy Industries and HJ Shipbuilding & Construction to expand their order books, given their accumulated construction experience. Because these specialized vessels require advanced technology, their high unit prices are expected to generate strong added value.
[email protected] Reporter Kim Yun-ho Reporter