Hyundai Mipo Dockyard, a leading South Korean shipbuilder, said Tuesday it has won a $102 million order from a Singaporean company to build two LPG carriers.

Hyundai Mipo, a subsidiary of Hyundai Heavy Industries, the world’s largest shipbuilder, said it would start building the vessels from March 2016 and deliver them to Principals of Eastern Pacific a year later.

Principals of Eastern Pacific is a subsidiary of Eastern Pacific Shipping, an international ship management company headquartered in Singapore.

Hyundai Mipo Dockyard tapped the LPG carrier market for the first time in 2006 and has built 25 LPG carriers, with its order backlog amounting to 21.

The shipbuilder has obtained a total of $1.3 billion orders for 24 vessels including nine LPG carriers so far this year. (Yonhap)