TMS, Celsius Shipping tied to US$1.5Bn in new LNG carrier orders in South Korea

On 18 August, Samsung Heavy Industries announced an order for four LNG carriers valued at just over US$1Bn from an undisclosed Oceania-based owner. Market and shipbroking sources suggest the vessels – slated for delivery in late 2028 – are connected to George Economou-led TMS Cardiff Gas.

In a separate disclosure the same day, the South Korean yard revealed a second contract for two LNG carriers worth over US$509M, again from an unnamed Oceania-based owner. Industry sources have linked this order to Denmark’s Celsius Shipping, with delivery expected Q1 2028.

TMS Cardiff Gas ranks among Greece’s largest gas carrier operators and continues to expand through a robust newbuilding programme in both LNG and LPG markets. Celsius, meanwhile, manages a fleet of 21 LNG carriers, including nine under construction, according to its website.

Market slowdown

LNG carrier newbuilding activity has remained subdued in 2025. According to the latest monthly review from Xclusiv Shipbrokers, just 23 vessels were ordered through the end of July.

The orderbook-to-fleet ratio currently stands at 43% in terms of capacity, compared with 53% in the same period of 2024. The global LNG carrier fleet has an average age of 10.4 years, with 30% of vessels aged 16 years or older.

In contrast, orders for LNG bunker vessels have risen significantly this year, with South Korean and Chinese shipyards reporting a steady flow of new contracts.