Exmar LPG orders two dual-fuel LPG carriers

Exmar LPG, a joint venture (JV) between EXMAR and Seapeak, has placed a firm order for two midsize carriers with Korea’s Hyundai Mipo Dockyard (HMD).

The 46,000 m³ dual fuel (LPG) vessels are scheduled for delivery in the fourth quarter of 2024 and the first quarter of 2025 respectively. The price tag for the newbuilds has not been revealed.

Exmar said that the JV has an option for two additional vessels of 46,000 m³ slated for delivery in 2025. As disclosed, these ships have the option to be delivered with ammonia dual-fuel propulsion.

EXMAR currently owns/operates 19 midsize gas carriers, three very large gas carriers, and 10 pressurized vessels.

HMD has been working on its diversification strategy into high-value-added ships. Last year the company delivered its first LNG carrier, the 33,000m³ Ravenna Knutsen.

The LNG carrier market has been traditionally focused on large-scale vessels with a capacity of 160,000 cbm or over. However, the growing demand for LNG as a transitional fuel and the expanding LNG bunkering infrastructure worldwide have spurred the growth of the small-scale LNG tanker segment.

HMD is also developing new types of liquefied hydrogen and ammonia carriers and ammonia– and hydrogen-fueled ships.

In 2021, Korean Register (KR) awarded approval in principle (AiP) to two green ammonia-fueled ships developed by Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai Heavy Industries (HHI) and Hyundai Mipo Dockyard (HMD).

One of the ships is a 60,000 cbm ammonia-fueled ammonia carrier and the other is a 38,000 cbm ammonia carrier/bunkering ship.