Turkish Owner Snaps Up $370m LPG Fleet as HD Hyundai Nears 2026 Target
PascoGas linked to four LPG carriers in a $370m deal at HD Hyundai Heavy Industries, set for delivery by 2030.
Turkish gas shipping company PascoGas has been identified as the likely buyer behind a major new order at HD Hyundai Heavy Industries. The South Korean shipbuilder announced on Monday that it had secured a contract to build four liquefied petroleum gas (LPG) carriers for an Oceania-based client, with a total value of KRW515.4 billion ($370 million).
The vessels are set for delivery by March 31, 2030, though HD Hyundai initially withheld the customer’s identity. Industry sources later linked the deal to PascoGas, which has an established relationship with the shipbuilding group. The Turkish owner recently took delivery of the Pasco Yumiko, an 88,000-cubic-meter dual-fuel very large gas carrier (VLAC) built by the same yard.
HD Korea Shipbuilding’s orderbook swells in 2024: lpg carriers
The latest contract brings HD Korea Shipbuilding & Offshore Engineering’s order intake for the year to 162 vessels worth $18.08 billion. This figure represents 77.6% of its full-year target, signaling strong demand for newbuilds in the maritime sector.
The four LPG carriers are expected to feature advanced propulsion systems, aligning with the industry’s push for greater efficiency and lower emissions. For PascoGas, the new ships will expand its fleet while reinforcing its position in the gas shipping market, where sustainability and fuel flexibility are becoming increasingly critical.
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