Spain's Ibaizabal linked to fourth LNG bunker vessel newbuild, with option in China

Greece- and UK-based shipbrokers reported last week that Hudong-Zhonghua Shipbuilding has secured an order from Ibaizabal for an 18,600-m³ vessel, with delivery scheduled between late 2027 and 2028. Some brokers suggest the order may represent the exercise of an existing option at the yard.

In 2024, Ibaizabal signed a one-firm-plus-one-option contract with Hudong-Zhonghua for LNG bunker vessels. In October last year, TotalEnergies disclosed it had chartered the firm 18,600-m³ ship, which is scheduled for delivery in late 2026. The shipyard held a keel-laying ceremony for this newbuild in late July.

Chinese media reported in May that Ibaizabal had signed a letter of intent with the same shipyard for another vessel of similar specifications – possibly the one now reported as ordered. Industry sources expect this vessel will also be chartered by TotalEnergies.

In addition, the Spanish shipowner has been linked with a US$197M contract with South Korea’s HD Hyundai Mipo for two 18,000 m³ LNG bunker vessels, expected for delivery in the final quarter of 2027.

Strong market activity

This latest reported order adds to the wave of newbuilding activity in the LNG bunker vessel segment in 2025.

In a recent development, China Bunker signed a contract with Dalian Shipbuilding Offshore Co for a 20,000-m³ vessel. Chinese media describe China Bunker as a “green energy company” based in Shanghai, focused on clean-energy bunker vessels such as LNG and green ammonia. The company has committed to forging long-term partnerships with ports, energy companies, shipowners and end customers.

Furthermore, in late July, Riviera reported South Korea’s H-Line Shipping placed an order for an 18,000-m³ vessel with compatriot HJ Shipbuilding & Construction.