Greece's Evalend tied to US$370M order for four LNG bunker vessels

On 10 February, South Korean shipbuilder HD Hyundai Mipo announced an order for four 18,000-m³ LNG bunker vessels, scheduled for delivery through the second half of 2028. The prominent shipyard valued the deal at approximately US$370M, though it did not disclose the buyer’s identity.

According to shipbroking sources, Evalend is linked to this order. Kriton Lendoudis has been one of the most active Greek shipowners in recent years, maintaining an extensive newbuilding orderbook primarily consisting of tankers, gas carriers and bulk carriers.

Evalend entered the LNG carrier sector mid-2023 and currently has six 174,000-m³ LNG carriers on order at South Korean shipyards. This latest transaction marks the company’s first reported investment in LNG bunker vessels.

Expanding fleet

The LNG bunker vessel sector has experienced steady growth. According to a recent DNV report, the number of ships in operation increased from 52 to 64 over the past year, with further expansion expected in 2025.

"While the bunkering infrastructure for some alternative fuels remains underdeveloped, LNG bunkering is maturing," DNV noted. "The significant gap between LNG bunkering supply and demand is expected to widen over the next five years based on the orderbook."

DNV’s analysis also highlighted the EU regulatory package, Fit for 55, mandates LNG bunkering infrastructure across a large network of ports, which is expected to increase LNG availability in ports.

Shipbroker Clarksons has reported 276 ports worldwide currently offer LNG bunkering services, while 275 ports either have or plan to install shore power connection points.