Greece’s Evalend Shipping has been linked to an order for two VLGC newbuildings announced by Korea Shipbuilding & Offshore Engineering.
The South Korean shipbuilding group said in a regulatory filing on Friday last week that an “African shipowner” had ordered the LPG dual-fuel vessels for delivery by May 2025.
Shipping sources following the LPG market named Evalend as having ordered the pair.
They said they were options that the company secured when it placed an order for three ships at Hyundai Samho Heavy Industries in September. The trio is due to be delivered in the second half of 2024 or the first quarter of 2025.
Evalend is said to be paying close to $96m each for the 88,000-cbm newbuildings.
Hyundai Samho officials declined to comment when contacted, citing contract confidentiality.
The ships are being built to an upgraded design of Hyundai Heavy Industries’ 86,000-cbm ships, which have a beam of 32.23 metres, enabling them to transit the old Panama Canal locks. They are also able to carry LPG and liquefied ammonia gas simultaneously.
Evalend is said to be the only company to have ordered VLGC newbuildings at the yard this year.
“The orderbook for VLGC newbuildings is quite big and shipping companies are cautious in ordering this ship type,” said a shipyard manager.
According to Clarksons’ Shipping Intelligence Network, the orderbook of VLGC newbuildings stands at 81 ships, of which 51 were ordered in 2021 and 21 this year.
Last month, Samsung Heavy Industries joined the VLGC segment by securing two 88,000-cbm newbuildings from Singapore’s Eastern Pacific Shipping. The Idan Ofer-controlled company was reported to have paid $95m each for the LPG dual-fuel gas carriers, which will be fitted with shaft generators.
Besides the five newbuildings on order at Hyundai Samho, Evalend has three 91,000-cbm VLGCs under construction there — part of a five-ship order that it made last year at an average price of about $80.5m apiece.
Hyundai Samho delivered two of the vessels recently, the Pacificator and Legislator (both built 2022). The former is fixed out to Gunvor and the latter to Sonangol.
Evalend also has three 40,000-cbm LPG carriers under construction at Hyundai Mipo Dockyard. They are due for delivery in 2023.
