Capital Gas linked to pair of LNG carrier newbuildings

Evangelos Marinakis-controlled Capital Gas is being named as the owner behind a KRW 674.9m ($519m) order for two LNG carrier newbuildings at Hyundai Samho Heavy Industries.

Shipyard holding company HD Korea Shipbuilding & Offshore Engineering said on Wednesday that the vessels have been contracted by an Oceanian shipper and will be built by its affiliate Hyundai Samho.

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The vessels, valued at $259.5m each, are due to be delivered by March 2027.

Sources following the shipowner said it is taking up a pair of optional berths it holds with the shipyard, where it already has a raft of LNG carriers on order.

The additional duo will bump up Capital Gas’ LNG carrier fleet to 20 vessels, comprising eight existing ships and 12 newbuildings due for delivery from this year through into 2027.

Of the newbuildings, seven are believed to be open, giving the company one of the largest available pool of modern tonnage.

In January, TradeWinds reported that Capital was in the process of fixing two of its open 2024-delivering vessels, which are currently due to be named the Apostolos and Aktoras, to West African producer Nigeria LNG on 10-year bareboat deals. Earlier this month, discussions were described as “ongoing” by those familiar with the business.

The incoming orders come two months after Capital bagged a pair of earlier berths at Hyundai Heavy Industries.

In January, the expansionist-minded owner paid around $250m each for two 174,000-cbm LNG newbuildings at the yard. The vessels, which were also optional slots, are due for delivery dates in the third quarter of 2026.

At the same time, the company snapped up its secondhand LNG carrier buy, paying around $35m for the former MISC-controlled, 137,489-cbm membrane-type steam turbine Puteri Intan Satu (built 2002). The vessel has since been renamed Trader III.

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In 2022, the company picked up the 138,000-cbm steam turbine Trader II (ex-British Trader, built 2002) for between $26m and $28m and fixed it out to PetroChina.

Capital Gas has rapidly expanded its LNG carrier fleet after diving into the sector in 2018.

It has notched up charters for its vessels with companies including BP, Cheniere Energy, Engie, QatarEnergy, Hartree Partners and Tokyo Gas.

One of its under-construction vessels, the 174,000-cbm Axios II, is scheduled for handover at the end of 2023, four are due for delivery in 2026 and the latest two in 2027.