Union Maritime reportedly enters gas carrier market with VLGC/VLAC order

Shipping data platforms now list the company as having ordered two very large gas carriers (VLGCs)/very large ammonia carriers (VLACs) at HD Hyundai, with deliveries scheduled for 2029.

Shipbroking and market sources said the order was firmed in mid-June, following a letter of intent (LOI) signed between the two parties earlier this year. The same sources noted that Union Maritime had also been linked to LPG carrier orders some years ago, but the contracts were ultimately never finalised.

Union Maritime oversees a fleet of 113 vessels, according to information on its website, including a significant newbuilding programme comprising 34 ships, primarily tankers. Clarksons also lists a recent order for four Newcastlemax bulk carriers in China as part of the company’s orderbook.

Union Maritime was founded in 2006 by its current chief executive, Laurent Cadji, "with the aim of building the leading oil product logistics platform in West Africa."

The latest reported order further fuels this year’s VLGC newbuilding boom. According to Clarksons, LPG carrier contracting surged by 235% in the first half of 2026 compared with the same period last year, with 5.6M m³ of capacity ordered.

In its half-year review, the shipbroker said charter rates climbed to record highs during the first six months of 2026, with VLGC earnings peaking at US$200,000 per day and averaging around US$100,000 per day. Longer-haul voyages from the US to Asia, combined with additional vessels rerouteing via the Cape of Good Hope because of delays at the Panama Canal, underpinned the strength in the market.

Despite the buoyant earnings environment, newbuilding prices edged down to US$113M during the January-June period, a 5% decline from 2025. The lower prices may also have contributed to the surge in ordering activity.