SOUTH Korea’s HD Hyundai Mipo has signed a contract to build three feeder containerships valued at Won222.4bn ($159m).

The company said in a stock exchange filing that it recently inked a deal with an unnamed Oceanian company for two 2,800 teu containerships and one 1,800 teu boxship.

The two 2,800 teu vessels measure 186 metres in length, 35 m in width and 17.4 m in height, while the smaller 1,800 teu ship measures 172 m, 27.4 m and 14.3 m respectively. They will be constructed at the company’s Ulsan shipyard and delivered sequentially by October 2027.

HD Hyundai Mipo has secured 21 feeder vessels so far this year, a significant increase compared to the six feeder boxships ordered in 2024.

The company attributed its growth to the development of its new hull form that minimises resistance and improves propulsion efficiency. Vessels with the new hull design can save up to 20% in fuel consumption while also reducing CO2 emissions.

According to Clarksons, the 2025 feeder containership market is expected to be worth around $2.7bn, with demand for shortsea shipping in Asia and Europe rising rapidly in line with higher freight rates.

In addition, about 30% of feeder vessels are more than 20 years old, indicating that the replacement cycle is approaching. As a result, the market is projected to reach $6.3bn in 2035, with an average annual growth rate of 8.7%.

HD Hyundai Mipo said, “Order inquiries from shipping companies prioritising eco-friendly technologies and reliable delivery have continued steadily. Leveraging our advanced technologies, we will actively pursue new markets, such as ice-breaking vessels.”