Norwegian shipowner Knutsen Group is being linked to another LNG carrier order at South Korea’s Hanwha Ocean, further expanding one of the industry’s largest long-term backed LNG orderbooks.
The South Korean shipbuilder said on Monday it had secured a contract worth KRW363.2bn ($250.3m) for one LNG carrier from a “shipping company in Europe”. Market sources have identified Knutsen as the owner behind the deal.
The latest contract adds to a sizeable LNG newbuilding programme already underway at the Norwegian group.
Late last year, Knutsen OAS Shipping was named as the buyer behind an order for seven LNG carriers at Hanwha Ocean worth about $1.8bn, with deliveries scheduled by the end of June 2029.
According to Knutsen’s latest annual report, published in late April, the group’s LNG portfolio now totaled 50 vessels, including 37 ships already in operation and 13 under construction.
The company said all LNG carriers currently trading in its fleet are employed on long-term time-charter contracts. Of the 13 vessels under construction, six are due for delivery in 2026 under 15-year charter agreements with QatarEnergy. A further seven ships are scheduled for delivery between 2028 and 2029. The orderbook is split between South Korean shipbuilders HD Hyundai Heavy Industries and Hanwha Ocean, with six vessels being built at Hyundai and seven at Hanwha.
Knutsen has already secured charter coverage for much of the Hanwha programme. The annual report said one vessel will enter a long-term charter with Edison, while another will begin a 10-year contract with SEFE and one more a 10-year charter with Eni, while three vessels are tied to 10-year firm charter deals with Equinor.
Knutsen has steadily expanded its LNG presence since taking delivery of its first LNG carrier in 2004. The company accelerated that growth in 2025 when it added eight large LNG carriers from Korean yards. All eight ships entered long-term employment immediately after delivery. The vessels included two chartered to Orlen, one to Shell, one to Engie and four to QatarEnergy.
