Energy trader BGN confirms four-VLGC order at HD Hyundai

Riviera reported earlier that BGN was linked to a contract announced on 17 April by South Korean shipbuilder HD Hyundai Heavy Industries for four VLGCs ordered by an undisclosed Middle Eastern buyer.

BGN has now confirmed the order with an official announcement. 

“The vessels, each with a capacity of 90,000-m³, will strengthen BGN’s position in the global LPG market and enhance its integrated trading and logistics capabilities,” the company said.

“Designed to operate on both conventional and lower-emission fuels, the newbuilds are also capable of carrying ammonia, supporting BGN’s growing focus on transition fuels and cleaner energy solutions,” BGN added.

The deal is valued at approximately US$458M, with deliveries scheduled through November 2029.

BGN, which has been approached for comment, handles around 14M tonnes of LPG annually and operates a fleet of more than 40 LPG carriers, according to data from late 2025.

The company also made a notable entry into the LNG carrier segment this week through a joint venture with Greece-based Capital Clean Energy Carriers (CCEC).

“BGN has set an ambition to expand its fleet with two new LNG carriers by 2027 and 10 new LPG vessels by 2029,” said BGN shipping director Ozan Turgut.

BGN has additionally formed joint ventures with South Korea’s HMM and Al Seer Marine, focusing on the LPG carrier segment.

VLGC market remains firm

VLGCs have remained in high demand in the newbuilding market in recent weeks, with a series of new orders placed predominantly at South Korean yards.

Shipbroking sources say the recent uptick has been partly driven by a softening in prices, which have fallen by around US$5M-US$10M from previous levels of about US$125M per vessel.

Turkish owner Aygaz has signed a contract with HD Hyundai for two 90,000-m³ vessels, while Greece’s Oceangold Tankers has also ordered two ships at the yard.

Meanwhile, JP Morgan-backed interests have reportedly selected Samsung Heavy Industries for two vessels. At the same time, Thenamaris has entered the very large ammonia carrier segment with an order at China’s Jiangnan Shipyard.

HD Hyundai has secured contracts for 15 LPG/ammonia carriers so far this year.