Zodiac Maritime’s First Conventional LNG Carrier Contract
London‑based Zodiac Maritime, a key arm of Eyal Ofer’s Zodiac Group, has confirmed a contract worth KRW 680 billion (approximately US$ 500 million) with South Korean shipbuilder Hanwha Ocean for two new LNG carriers. The vessels are scheduled for delivery by November 2029, with options for two additional ships under discussion.
Strategic Diversification
The deal represents Zodiac’s inaugural foray into the conventional LNG carrier segment, complementing its existing portfolio that already includes dual‑fuel product carriers and ammonia vessels. By securing this order, Zodiac deepens its strategic partnership with Hanwha Ocean, a yard that has become a preferred partner for the group’s recent large‑scale projects.
Order Details and Options
- Two LNG carriers – KRW 680 bn total contract value.
- Delivery window: by November 2029.
- Option for two more vessels, potentially expanding the programme to four ships.
Hanwha Ocean’s 2026 commercial order intake now stands at 41 vessels valued at $7.71 bn, comprising 18 VLCCs, eight LNG carriers and six containerships. The new Zodiac order adds to this robust pipeline.
Broader Fleet Expansion
In recent months Zodiac has been actively expanding across multiple vessel types:
- Ammonia carriers: Three very large ammonia carriers ordered in May, with options that could raise the programme to five ships (KRW 507.4 bn contract, valued at ~$575 m for the full set).
- Crude tankers: Four 158,000 dwt Suezmaxes placed with Jiangsu New Hantong earlier this year, bringing its Suezmax order book to nine ships, alongside a sizable VLCC programme in China.
- Vehicle carriers and containerships: Two 7,000‑CEU LNG‑dual‑fuel PCTCs booked at Yantai CIMC Raffles for 2028 delivery.
Overall, Zodiac now manages roughly 80 tankers—crude, product, gas and chemical—either in service or on order, underscoring its status as one of the most diversified private owners in the sector.
Implications for the Market
The contract highlights the growing demand for new LNG carriers as global gas trade expands, particularly in Africa where the unidentified shipowner is based. For Zodiac, the order not only diversifies its fleet but also positions the group to capture emerging opportunities in the conventional LNG transport market, complementing its existing presence in the liquefied ammonia and dual‑fuel segments.
With deliveries slated for the latter half of the decade, the new vessels will bolster Zodiac’s capability to serve long‑haul LNG routes, reinforcing its competitive edge in a market that increasingly values operational flexibility and environmental compliance.