$1bn LNG quartet: Why Dynagas switched yards to Samsung
Greek owner books four 200,000 cu m carriers at Korean yard for delivery by September 2029, breaking Hyundai streak.
Greek shipping magnate George Procopiou’s Dynagas has been identified as the buyer behind a major new order for four liquefied natural gas (LNG) carriers at Samsung Heavy Industries, valued at approximately 1.41 trillion South Korean won ($1.05 billion). The deal marks a significant expansion in Procopiou’s fleet and a shift in shipyard partnerships for his LNG ambitions.
Samsung Heavy Industries announced the contract earlier this week, initially describing the client only as an Oceania-based owner. However, Greek market sources swiftly confirmed Dynagas as the company behind the order. The four vessels, each with a capacity of 200,000 cubic meters, are slated for delivery by September 2029. This design is notably larger than the 174,000-cubic-meter standard that currently dominates the global LNG carrier fleet.
The agreement represents a departure for Dynagas, which had previously concentrated its large LNG carrier orders at HD Hyundai Heavy Industries. In 2024, Procopiou’s Pure Energy subsidiary secured five 200,000-cubic-meter carriers through a $1.1 billion sale-and-leaseback financing deal with CMB Financial Leasing, all built at Hyundai’s yards.
Natural Gas
Procopiou’s aggressive fleet expansion: Dynagas
The Dynagas order is part of a broader procurement drive across Procopiou’s shipping empire. Industry reports estimate that his companies have committed to around 20 newbuildings across multiple vessel classes in just the past 10 days, representing nearly $3 billion in total investment.
Earlier this month, another Procopiou-controlled entity, Dynacom, placed an order for eight vessels at China’s Hengli Heavy Industries. The package includes six 93,000-cubic-meter very large ammonia carriers and two very large crude carriers (VLCCs), with a combined value close to $1 billion. The ammonia carriers reflect growing industry interest in alternative fuel-ready tonnage, while the VLCCs reinforce Procopiou’s long-standing presence in the crude oil transport sector.
Samsung Heavy’s growing orderbook
For Samsung Heavy Industries, the Dynagas contract is a notable addition to its recent commercial successes. The South Korean shipbuilder bundled the LNG carrier order with contracts for two crude oil tankers, bringing its latest commercial haul to 1.65 trillion won ($1.22 billion).
The yard’s orderbook for 2026 has now reached $7.3 billion across 42 vessels, surpassing both its $5.7 billion annual target and last year’s full-year total. The surge in orders underscores the shipbuilder’s strong position in a competitive global market.
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