The order is estimated at KRW 83bn ($70million).

One of the unnamed owners, according to HMD, is based in Asia whereas the other is from Europe.

The two ships will be built at Hyundai Mipo Dockyard in Ulsan and Vietnam's Hyundai Vinashin Shipyard, and will be delivered to their owners in the second half of 2021.

The order keeps Korea Shipbuilding and Offshore Engineering maintain its market lead, having secured a total of 18 orders from product carriers in the second quarter of 2020.

Despite the impact of COVID-19 on the global economy, the sector has been active with the newbuilding order.

The latest order brings an orderbook for the shipbuilder to 59 ships valued at KRW 4.07 billion by 2020.

Maritime Business World