Hyundai Mipo Dockyard's 50,000-ton product carrier, a type of oil tanker ship (Hyundai Mipo Dockyard)

South Korea's shipbuilder Hyundai Mipo Dockyard said Friday that it has recently signed a contract to supply four medium-sized product carriers to an Africa-based shipping company.

The contract is worth a total of 240 billion won ($186 million).

The product carriers will be built at Hyundai Mipo Dockyard in Ulsan and delivered to the shipping company from the second half of 2025.

Hyundai Mipo Dockyard recently received orders for a total of 11 medium-sized product carriers in February. Followed by four additional orders this time, the company has won more than half of the total product carrier orders worldwide, achieving 56 percent of the world's market share.

In the mid-sized liquefied petroleum gas carrier sector, Hyundai’s shipbuilding unit has topped the global market share as well, claiming 80 percent of the total orders received worldwide.

Meanwhile, these LPG carriers also carry ammonia, an eco-friendly fuel with high demand expected over the coming years. If ammonia-propelled engines become commercialized in the future, the engines will be applied to LPG carriers first to maximize the economic feasibility of ship operations, drawing attention from shipowners.

"Additional orders are expected in the future as the market conditions of medium-sized product carriers and LPG carriers continue to improve, with ship prices also on the rise," an official from Hyundai Mipo Dockyard said, adding, "We plan to continue to lead the medium-sized ship market while maximizing differentiation from competitors through continuous technological improvement."

By Kim So-yeon (sera13@heraldcorp.com)