Economou’s TMS turns to China for up to six LNG carrier newbuildings

The major Greek owner has placed an order for four firm plus two optional 174,000-m³ LNG carriers at CSSC’s Hudong-Zhonghua Shipbuilding. The contract was signed personally by George Economou on 21 January, with photos released by the shipbuilder.

This is not the first collaboration between the two parties. Over a decade ago, they partnered on a bulk carrier shipbuilding project.

According to the shipyard, the vessels will be based on a fifth-generation LNG carrier design, optimised with ice-class navigation capabilities and incorporating multiple low-carbon, energy-saving technologies.

Hudong-Zhonghua described the contract as a “major breakthrough,” marking its successful entry into the European LNG carrier market.

Chinese yards have secured “statement orders” in the LNG carrier market this January. Beyond TMS Cardiff Gas’s latest deal, Eastern Pacific Shipping contracted CSSC’s Jiangnan Shipyard for two vessels.

This order further underscores the ongoing momentum in LNG carrier newbuilding activity observed in recent months. Alpha Gas has also re-entered the market, signing a contract with Hanwha Ocean for two ships.

Gas carrier expansion

TMS returns to the LNG carrier newbuilding market for the first time since last summer, when it was linked with an order for four units valued at just over US$1Bn at Samsung Heavy Industries in South Korea. According to Equasis, the owner is listed with three of these vessels.

TMS Cardiff Gas ranks among Greece’s largest gas carrier operators and continues to expand through a robust newbuilding programme covering both LNG and LPG vessels.

Historically, the company has entrusted its gas carrier orders to South Korean shipyards, while turning to Chinese builders for tankers, bulk carriers, and container vessels.