BW LPG has returned to newbuilding investment with an approximately $940 million contract for eight panamax very large gas carriers at HD Hyundai Heavy Industries.
Each vessel will have 90,000 cu m of cargo capacity. Deliveries are planned from early 2029 to the second quarter of 2030.
The order marks a shift in the Singapore-based company’s fleet strategy after several years of relying mainly on secondhand acquisitions to expand and renew its VLGC portfolio.
Chief Executive Kristian Sørensen said the investment is part of BW LPG’s fleet renewal program and is supported by strong long-term fundamentals in the LPG market. He also said the panamax design will improve scale as well as commercial and operational flexibility.
BW LPG currently controls around 50 VLGCs through owned, operated, chartered-in and joint venture vessels. In 2024, the company completed its roughly $1 billion acquisition of Avance Gas, adding 12 VLGCs built between 2015 and 2023.
The latest order also brings BW LPG back to HD Hyundai Heavy Industries, where it previously contracted 84,000 cu m VLGCs more than a decade ago.
