• HD KSOE won a $174m order for two crude carriers from an undisclosed African shipowner.
• The deal lifts its 2025 backlog to 84 ships worth $11.45b, or 63% of its annual target.
• Africa remains reliant on foreign fleets, with over 92% of West African crude shipped abroad.

HD Korea Shipbuilding & Offshore Engineering Co. secured a $174 million contract to build two crude carriers for an undisclosed African owner, underscoring South Korea’s dominance in global shipbuilding while highlighting the continent’s growing reliance on foreign fleets.

The order, announced Sept. 4, covers two 157,000-deadweight-tonne tankers to be delivered by Dec. 15, 2027, from subsidiary HD Hyundai Samho Heavy Industries. Priced at 242.2 billion won, the deal lifts HD KSOE’s 2025 tally to 84 vessels worth $11.45 billion, or 63% of its $18.05 billion full-year target. At the same point in 2024, the backlog stood at $9.86 billion.

“This contract not only bolsters our orderbook but also deepens partnerships with African markets, where demand for efficient energy transport is surging,” an HD KSOE executive said.

The anonymous buyer reflects a wider shift in African shipping. Nigeria’s WAGL Energy Ltd., a joint venture between NNPC Ltd. and Sahara Group, recently added the 40,000-cubic-meter LPG carrier MT Iyaloja in Ulsan, boosting West Africa’s LPG capacity to 162,000 CBM. Yet the region remains dependent on outsiders: more than 92% of West African crude sails on non-African-owned tonnage.

Local operators in Lagos, Luanda or Accra often struggle to match Korean yard financing terms, which can require sovereign guarantees that tie up future oil revenues. Industry analysts note that low pre-delivery payments, sometimes just 10% and backed by lenders such as Korea Development Bank, can involve collateral from African governments—exposing them to geopolitical risks. 

HD KSOE is also marketing the tankers as eco-friendly, part of its push into greener fleets. For African buyers, such upgrades could help align future exports with tightening emissions rules in Europe and Asia, even as reliance on foreign shipyards persists.

Idriss Linge