Greece's Alpha Gas is being named as the company behind an order for two very large LPG-ammonia carriers announced by Hanwha Ocean today in a deal that will bring its entry into sector to four newbuildings in total.
South Korea shipbuilder Hanwha Ocean said in an exchange filing today that it had received an order for two VLACs priced at KRW 331.2bn ($246.9m) from an “Oceania region” shipowner.
This prices the vessels at $123.5m each. The duo are due for delivery by the end of August 2027.
TradeWinds reported on Friday that Anna Angelicoussis-Kanellakis-led Alpha had contracted two VLACs at HD Hyundai Heavy Industries (HD HHI) priced at about $124.5m each.
The 88,000-cbm, shaft-generator-fitted vessels are scheduled for delivery by April 2027.
Together the four newbuildings mark a move into the burgeoning VLGC-VLAC sector by Alpha Gas.
They also boost Hanwha's VLAC orderbook to seven vessels following a four-ship deal with Naftomar and a single vessel for Dorian LPG.
There has been a torrent of VLAC orders in the first month of this year, continuing a trend that kicked off in September.
Last week George Economou’s TMS Cardiff Gas doubled up on its original two-ship order at Samsung Heavy Industries bringing its VLAC orders to four ships.
Today HD Hyundai Heavy Industries also reference a contract for another three vessels without giving details of the contracting party.
More VLAC orders are understood to be under negotiation.
Shipowners are looking ahead to what appears to be an increasingly positive demand picture both for LPG but also longer term for the anticipated long-haul ammonia trades.
For a small additional investment of between $1.5m to $2m owners can upgrade the specifications of a VLGC so that it will be capable of lifting a full cargo of ammonia.
