Greece's Alpha Gas boosts LNG carrier fleet with fresh newbuilding deal in South Korea

The Greek owner announced via social media that the LNG carriers will incorporate the latest energy-efficient technologies, with delivery scheduled in 2029 from an undisclosed South Korean yard.

The announcement follows Hanwha Ocean’s disclosure on 21 January that it had secured a contract to build two LNG carriers for an undisclosed Oceania-based shipowner, with shipbrokers identifying Alpha Gas as the counterparty. 

The value of the order is estimated at approximately US$501M, with delivery planned through June 2029.

Alpha Gas said the fleet expansion highlights its “continued confidence in the long-term growth of the global LNG market” and reinforces its position as a committed, forward-looking player in the sector.

“We look forward to contributing to a more reliable, efficient, and sustainable LNG supply chain in the years ahead,” the company added.

Fleet overview

Alpha Gas currently oversees a fleet of 12 vessels, including eight active LNG carriers and four VLGC/VLAC units under construction at Hanwha Ocean and HD Hyundai. Its LNG carrier fleet consists of relatively young tonnage, built between 2015 and 2024.

Anna Angelicoussis co-managed the family’s fleet with her late brother John Angelicoussis until 2001, when she established her own group, initially focused on bulk carriers before expanding into tankers and LNG carriers through Alpha Gas. Today, her sons Frangiskos and Antonis Kanellakis co-run the business.

Alpha Bulkers currently operates 33 bulk carriers, while Pantheon Tankers manages 46 vessels, including four newbuildings.

Newbuilding momentum

With the new order, Hanwha Ocean has secured contracts for five vessels in 2026, valued at around US$890M. Domestic media reports that the shipbuilder expects continued demand for LNG carriers, driven by new terminal development projects in the US and other regions.

The LNG carrier newbuilding market saw a resurgence in late 2025 following a slow year overall. South Korean yards have dominated new contracts, though China has also re-entered the market recently, with EPS placing an order for two vessels at CSSC’s Jiangnan Shipyard.