Hunger for newbuildings continues unabated at Evalend Shipping of Greece.
The Kriton Lendoudis-led company has 21 vessels worth more than $2.1bn on order and is said to have added two more very large ammonia carriers to the tally.
Shipbuilding sources said Evalend is the company behind a $242m order for a pair of VLACs announced by South Korea’s HD Korea Shipbuilding & Offshore Engineering (HD KSOE).
The group said it had won an order to build two 91,000-cbm vessels at Ulsan’s HD Hyundai Heavy Industries for delivery by February 2027.
It said the contract is priced at KRW 322.8bn ($242m), or $121m per ship.
HD KSOE did not disclose the identity of the buyer, referring to it as a “shipper based in Africa”.
Officials declined to confirm the shipowner behind the deal, citing contract confidentiality. Evalend did not respond to emails seeking confirmation.
Busy time
If confirmed, the order would continue a busy three years for the Greek company in the gas carrier newbuilding market.
The VLAC vessel type is essentially a next-generation VLGC that has been designed to carry full cargoes of ammonia.
These ships are expected to begin their trading lives in the LPG trades — for which market analysts are giving a positive long-term outlook — but will be ready to transition into the future market for ammonia.
TradeWinds calculates that Evalend ordered 12 VLGCs — five of 91,000 cbm and seven of 88,000 cbm — between early 2021 and early last year at Hyundai’s yards at an average price of about $89.5m per ship.
In September, the owner was reported to have sold two of the VLGC newbuildings for $111m each to the joint venture between Dubai-headquartered energy trader BGN International and Indonesia’s Pertamina International Shipping.
Hyundai delivered the duo — the 91,000-cbm Pertamina Gas Bergenia and Pertamina Gas Tulip (both built 2024) — last month.
The gas carriers will be able to run on LPG and conventional fuels.
With the two VLACs ordered by Evalend, HD KSOE has signed contracts for 40 newbuildings worth $4.77bn this year, or 35.3% of its target of $13.5bn.
The newbuildings include two LNG carriers from Nakilat, 17 MR tankers, two suezmax tankers from Hayfin Capital and 17 large LPG/ammonia and ethane carriers.
HD KSOE is the holding company of HHI, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.
