Hyundai inks LOI with probunkers for LNG bunkering pair

Athens-based probunkers has signed a letter of intent (LOI) with Hyundai Mipo Dockyard (HMD) for the construction of two (2) firm units of 7,600-cbm LNG bunker vessels.

Image courtesy of probunkers

The signing of this LOI comes as the product of a long optimization process during which probunkers’ technical team reviewed more than thirty (30) ship design proposals to serve the purpose of the project involving organizations such as the American Bureau of Shipping (ABS), design, engineering and manufacturing companies, as well as experienced seafarers who have all followed the developments in the world of LNG as fuel.

“Having reached an initial agreement with HMD is a major milestone in our project that underlines our aim towards quality and reliability, cornerstones in probunkers’ philosophy, while at the same time demonstrates the confidence of all stakeholders in the success of our plan and the importance of it,” probunkers’ CEO, Alexander Prokopakis commented.

Probunkers intends to build and operate a fleet of LNG bunkering vessels to brace the ever-changing needs of global shipping taking up the role of physical supplier, LNG trader/seller and barge owner and operator.

The project involves a total investment of $343 million over a 10-year plan with the company expecting to be operational in late 2022, although, speaking to LNG World News in early 2019, Prokopakis expects a slight delay of 6-8 months in 2023, which could help the company’s commercial approach.