BGN Orders Four More VLGCs in $465.4 Million Deal
Energy and commodities trader BGN has ordered four additional very large gas carriers (VLGCs) from South Korea’s HD Hyundai Heavy Industries in a contract valued at Won 625.8 billion ($465.4 million). The LPG shipping investment brings BGN’s 2026 newbuilding orders at the shipyard to 10 vessels, expanding its planned capacity for transporting liquefied petroleum gas (LPG) through international energy markets.
Each new vessel will have a capacity of 93,000 cubic metres and will be capable of operating on LPG or conventional marine fuels. Signed in Istanbul on 14 October 2026, the dual-fuel shipbuilding contract schedules delivery for January 2030, adding four more vessels to BGN’s fleet expansion programme.
HD Hyundai Secures $465.4 Million Gas Carrier Contract
HD Hyundai Heavy Industries valued the four-vessel order at Won 625.8 billion ($465.4 million at the exchange rates stated in the supplied report). Its regulatory filing identifies the customer as a Middle Eastern shipping company and lists the contract period as 14 October 2026 to 30 June 2030.
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The contract represents 3.56% of the shipbuilder’s 2025 consolidated revenue of Won 17.58 trillion ($13.1 billion). The order adds to South Korea’s commercial shipbuilding activity in the specialised gas carrier segment, which serves global energy transportation requirements.
BGN’s 2026 VLGC Orders Reach 10 Ships
The latest contract is BGN’s third VLGC order at HD Hyundai Heavy Industries this year. The company ordered four 90,000-cbm dual-fuel vessels in April, followed by two 93,000-cbm dual-fuel ships in June. Both earlier orders were scheduled for delivery by 2029.
Together with the four newly ordered vessels, these contracts bring BGN’s total VLGC orders at the South Korean shipyard to 10 in 2026. Including vessels under construction, its owned VLGC fleet is expected to reach 23 ships.
Dual-Fuel Vessels Support LPG Shipping Flexibility
The new VLGCs will be able to use LPG or conventional marine fuels, giving the operator flexibility in its choice of fuel. The commercial value of this capability will depend on fuel availability, vessel operating conditions and the relative costs of available fuels.
For the wider maritime industry, the order highlights continued investment in specialised vessels for international LPG transportation. Dual-fuel technology also provides shipowners with another option when assessing fuel costs and environmental performance, although actual emissions benefits depend on the fuel used and the vessel’s operating profile.
With deliveries scheduled for January 2030, the investment reflects a long-term commitment to gas carrier capacity. Fleet planning over this period requires shipowners to assess future LPG demand, shipping costs and changing fuel requirements.
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BGN’s Global Energy Trading Business
BGN is an independent energy and commodities trading group with a history spanning more than 80 years. It operates across 120 countries and handles more than 65 million tonnes of commodities annually.
Its business covers crude oil, refined petroleum products, LPG, liquefied natural gas (LNG), transition fuels, metals and related logistics infrastructure.
HD Hyundai Heavy Industries is a South Korean shipbuilder and part of HD Hyundai’s shipbuilding group. The latest order strengthens its contract portfolio for large gas carriers while expanding BGN’s planned owned fleet for LPG transportation.
