Norway’s Knutsen Group is understood to have strengthened its LNG carrier portfolio with a fresh order in South Korea, amid broader fleet expansion plans
On 11 May, Hanwha Ocean disclosed a contract worth just over US$250M for the construction of a single LNG carrier for an unnamed European shipping company.
Shipbroking and market sources have linked the order to Knutsen. The vessel is scheduled for delivery in June 2029.
Greek shipbroker Intermodal noted in a recent LNG market report that the newbuilding price for a 174,000-m³ LNG carrier currently stands at around US$248.5M.
Knutsen’s LNG carrier portfolio comprises 50 vessels, including 37 ships in operation and a further 13 under construction, according to the annual report of TS Shipping Invest AS, the holding company of the Trygve Seglem family, which controls Knutsen.
Six of the newbuildings have secured 15-year charter contracts with Qatar and are scheduled for delivery this year, while seven additional vessels are due for delivery between 2028 and 2029. One vessel currently under construction remains open for employment, while all active ships are covered by long-term time-charter agreements.
The group said LNG demand continues to record strong growth, driven by the need to reduce emissions and an increased focus on energy security in Europe. This stronger demand environment has translated into elevated tender activity for long-term transportation contracts.
As a result, the LNG carrier newbuilding market continues to gain momentum following a particularly strong quarter, with established portfolio players securing vessels through long-term charter agreements.
According to Fearnley LNG, 33 LNG carriers were ordered between January and March 2026, compared with 32 vessels contracted during the whole of 2025.
Hanwha Ocean has secured orders for 19 vessels so far this year, including five LNG carriers.
