Spain's Ibaizabal tied to US$197M order for two LNG bunker vessels

South Korean shipbuilder HD Hyundai Mipo disclosed on 23 May it had secured a contract for two 18,000-m³ LNG bunker vessels, with a total value of approximately US$197M. The shipyard noted the buyer is a European operator but did not reveal the client’s identity.

According to shipbroking sources, Ibaizabal is believed to be behind the order. The company has been contacted for comment. The vessels are scheduled for delivery in the final quarter of 2027.

Ibaizabal is already active in the LNG bunker vessel newbuilding market, having chartered an 18,600-m³ vessel – currently under construction at China’s Hudong-Zhonghua Shipbuilding – to TotalEnergies last year.

Additionally, Chinese media reported this week that Ibaizabal has signed a letter of intent with the same shipyard for another vessel of similar specifications.

The Ibaizabal Group has longstanding ties to the maritime industry. The company is involved in operating and managing both its own and third-party vessels, with business interests spanning towing, offshore, tanker, and bunker vessel markets, according to its website.

Surge in new orders

The LNG bunker vessel market has experienced a significant uptick in ordering activity in recent months. In February, Evalend Shipping, led by Kriton Lendoudis, reportedly placed an order for four 18,000-m³ units at Hyundai Mipo.

According to BRS Shipbrokers, the sector saw a record 10 deliveries and 16 new orders last year. By the end of 2024, 57 LNG bunker vessels were in operation, with an additional 21 under construction – representing 37% of the active fleet.

Geographically, of the 57 active vessels, 23 are deployed in Northern Europe, 15 in Asia, 13 in the US/Caribbean, five in Southern Europe, and one in the Middle East.

“We anticipate that the coming years will be particularly dynamic, as additional LNG bunker vessels will be required to meet growing demand from LNG-fuelled ships,” said BRS Shipbrokers in its annual review.