Capital Group, led by Evangelos Marinakis, is actively expanding its fleet of medium-sized gas carriers through a newbuilding project of eight medium-sized gas carriers, aiming to bring new vitality to the energy industry, according to Trade Winds. The eight newbuildings will be undertaken by Chinese and South Korean shipyards respectively.
Capital Group has entered into an agreement with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd (Nantong CIMC SOE) for the construction of 2+2 medium-sized 40,000 m3 liquefied petroleum gas (LPG) carriers, with the delivery date initially set for early 2027 to April 2028, sources said.
Shipbrokers have assessed the cost of a single unit to be around $66 million, which would put the total value of the order at $132 million (approximately RMB 949 million). Although the LPG dual-fuel configuration has been included in the cost of a single new shipbuilding, it has also been said that additional fees may be paid.
In addition, Capital Group is in negotiations with South Korea’s HD Hyundai Group for up to four 46,000 m3 LPG dual-fuel medium-sized gas carriers. In February, Capital Group has placed an order with Hyundai Samho Heavy Industries, the shipbuilding subsidiary of HD Hyundai Group, for four 174,000 m3 liquefied natural gas (LNG) carriers at a price of approximately $270 million per unit, which is the highest price for a 174,000 m3 class LNG carrier to date.
In June 2023, Norwegian shipping company Avance Gas placed an order with Nantong CIMC SOE for 2+2 medium-sized 40,000m3 LPG/liquid ammonia carriers, with the optional order coming into effect in August of the same year, at a cost of USD 61.5 million per unit, which is the first time for the shipyard to take on 40,000m3 medium-sized LPG/liquid ammonia carriers.