Alpha Gas Returns to LNG Newbuilding Market with $500m Deal

Greek gas shipowner Alpha Gas has re-entered the LNG newbuilding arena, commissioning two new LNG carriers at South Korea’s Hanwha Ocean in a contract worth about $500m.

Hanwha Ocean said the vessels will be built at its Okpo shipyard in Geoje under a deal valued at KRW 738.3bn ($503m). While the yard did not initially name the buyer—referring only to an “Oceania-based shipper”—Alpha Gas later confirmed the order through a LinkedIn announcement.

Scheduled for delivery in 2029, the two ships will incorporate the latest fuel-efficient and emissions-reducing technologies, reflecting owners’ continued appetite for modern tonnage tied to long-term LNG trade growth.

Alpha Gas said the investment underscores its positive view of global LNG demand and signals a cautious but steady expansion of its fleet.

The Athens-headquartered owner currently operates eight LNG carriers and has four ammonia-ready very large gas carriers on order. Those VLGCs are set for delivery in 2026–27, with construction split between Hanwha Ocean and HD Hyundai Heavy Industries’ Ulsan yard.

The new order marks Alpha Gas’s first LNG carrier contract in seven years, following its previous four-ship LNG newbuilding programme placed at Okpo in 2018, when the yard operated under the DSME banner.