Aygaz lifts Hyundai VLGC orderbook to three vessels

The company disclosed on 15 April that it had signed an agreement with HD Hyundai Heavy Industries for two dual-fuel 90,000-m³  LPG carriers, adding to its orderbook.

Aygaz’s announcement coincided with HD Hyundai’s disclosure on 16 April that it had secured an order for two LPG carriers worth around US$234M. The shipbuilder said the contract was placed by an undisclosed European shipping company, with delivery scheduled through April 2029.

Aygaz had previously contracted the South Korean shipbuilder for a single vessel in January, bringing its total VLGC newbuildings at the yard to three units. The company noted at the time that it operates an existing fleet of four vessels.

“These vessels aim to enhance our supply security, improve operational efficiency, and contribute to a more sustainable transport infrastructure,” Aygaz said.

“We continue our efforts to build a stronger, more flexible, and future-ready structure in energy transport,” the company added.

Established in 1961, Aygaz is part of Koç Holding. The company is active across the LPG value chain, including procurement, storage and filling, as well as the production and sale of LPG-operated appliances, according to its website.

The LPG carrier market has seen increased investment activity over the past month. Oceangold Tankers and JP Morgan-backed interests have been linked to new VLGC contracts in South Korea, while a Hong Kong-based player has entered the market through high-profile secondhand acquisitions.

Meanwhile, Thenamaris has moved into the very large ammonia carrier newbuilding segment with an order in China.

HD Hyundai has secured contracts for 11 LPG/ammonia carriers so far this year.