EPS signs LNG carrier newbuilding deal, accelerating gas platform expansion

The Singapore-headquartered owner signed a contract on 15 January with CSSC’s Jiangnan Shipyard for the construction of two 175,000-m³ LNG carriers.

Jiangnan Shipyard said the vessels will be based on a second-generation design featuring optimised hull lines, an improved overall layout, and reduced energy consumption, together with more advanced operational and maintenance intelligence.

The deal marks EPS’s second order at Jiangnan within about 10 days, following its early-January contract for two very large ammonia carriers (VLACs). The two parties have an established relationship: in 2023, EPS ordered six 93,000-m³ VLACs at the yard, followed in 2024 by six 150,000-m³ ultra-large ethane carriers.

According to Chinese media, Jiangnan has already delivered four first-generation 175,000-m³ LNG carriers, deployed by major oil and gas companies and energy traders.

Strengthening its gas platform

EPS’s new order comes as the company moves into a new growth phase in its gas business. The group recently appointed Øystein Kalleklev as managing director of Cool Company Ltd (CoolCo) and commercial director of EPS Gas, following the completion of EPS’s merger with CoolCo on 9 January 2026.

CoolCo has applied to delist from both the New York Stock Exchange and Euronext Growth Oslo, and is now a wholly owned subsidiary of EPS Ventures Ltd.

“The completion of the merger marks an important milestone in EPS’s long-term gas strategy, integrating CoolCo fully into EPS’s gas shipping platform and strengthening the company’s position across LNG transport and related infrastructure,” EPS stated.

The merger lifts EPS’s gas fleet to 61 vessels totalling 3.7M dwt, spanning ethane carriers, LPG carriers, LNG carriers, and LNG bunker vessels.

Across all segments – including container ships, PCTCs, dry bulk, gas, and tankers – EPS now manages a fleet of around 350 vessels totalling 34.0M dwt.

LNG carrier ordering momentum

While LNG carrier contracting slowed sharply in 2025, activity picked up toward the end of the year. Riviera recently reported Purus among the companies placing orders.

According to Veson Nautical’s year-end report, orders for large LNG carriers fell 48% year-on-year to 35 vessels, down from 69 in 2024. Small-scale LNG carrier contracting remained comparatively stable, with 26 ships ordered in 2025 versus 25 in 2024.

Intermodal’s data shows that, as of end-December, the LNG carrier orderbook stood at 315 vessels with a combined capacity of 5.9M m³ – equivalent to around 39% of the active fleet.

On the recycling front, one vessel was scrapped in December, bringing 2025’s total to 15 units with a combined 2.0M m³. This marks a record year for LNG carrier recycling, nearly double the previous high set in 2024.