Evangelos Marinakis-led Capital Group has reportedly continued its aggressive ordering strategy at South Korean shipyards, this time focusing on the construction of LNG carriers
On 27 June, leading shipbuilder HD Hyundai announced a new contract for four LNG carriers valued at over US$1Bn, translating to approximately US$256M per vessel.
Greek shipbroker Intermodal estimated the construction cost of a 174,000-m³ LNG carrier at around US$255M earlier this month.
Although HD Hyundai did not disclose the buyer’s identity, shipbroking and market sources have linked the order to Capital Group. The company has been contacted for comment. According to the official announcement, the vessels are scheduled for delivery by Q3 2028.
Information on Capital’s official website indicates the group already has six LNG carriers under construction in South Korea, with deliveries expected between 2026 and 2027.
The Greek owner has been notably active in the newbuilding market, with a clear shift in investment focus toward South Korean shipyards this year. In late May,Riviera reported a separate order by Capital for two container ships at HD Hyundai, valued at approximately US$281M. With this deal, the group’s orderbook at HD Hyundai reportedly comprises 20 container vessels, ranging from 1,800 TEU to over 8,000 TEU.
Earlier in 2025, Capital was also linked to anorder for two VLCCs at Hanwha Ocean. Recent reports suggest the company has exercised an option for a third VLCC as part of that order.
LNG carrier orderbook trends
The latest monthly report by Xclusiv Shipbrokers indicates that global orders for LNG carriers reached 17 units in the first five months of 2025. The global orderbook-to-fleet ratio now stands at 45%, compared with 55% during the same period in 2024, based on capacity.
Xclusiv further notes the average age of the global LNG carrier fleet is 10.5 years, with approximately 31% of vessels aged over 16 years.
Greek shipowners are continuing to play a leading role in the LNG sector, with a combined orderbook of 46 LNG carriers, accounting for 14% of the global total. Most of these vessels fall within the 141,000 to 200,000-m³ size range.
