China’s shipbuilding industry is about to welcome this year’s landmark order, achieving a “zero” breakthrough!
West African liquefied natural gas (LNG) exporter Nigeria LNG (NLNG) is advancing a new round of fleet renewal plans. Its shipping subsidiary, Bonny Gas Transport, has selected a Chinese shipyard for the batch construction of LNG carriers.
According to multiple foreign media reports, Bonny Gas Transport has reached an agreement with China State Shipbuilding Corporation’s Hudong-Zhonghua Shipbuilding to cooperate on building 3+3 174,000 cubic meter LNG carriers. The first three vessels are expected to be delivered in 2029.
This order marks another important step in NLNG’s long-term fleet modernization process. The company’s Bonny Gas Transport currently operates 13 LNG carriers, including 6 dual-fuel diesel-electric (DFDE) propulsion vessels built under the “BGT Plus Plan”.
It is reported that the cost of the new ships for Bonny Gas Transport and Hudong-Zhonghua Shipbuilding has not been disclosed. Referencing data published by Clarksons in early November, the current market price for a 174,000 cubic meter class LNG carrier is approximately $248 million. Based on this calculation, the total value of Hudong-Zhonghua Shipbuilding’s three confirmed orders is estimated at $744 million (approximately RMB 5.29 billion). If the three optional orders are exercised, the total value of the six new ships is estimated at $1.488 billion (approximately RMB 10.58 billion).
It is worth noting that if the aforementioned up to six new ships are confirmed, it will become Hudong-Zhonghua Shipbuilding’s first new ship order in the LNG carrier market this year. It also signifies the Chinese shipbuilding industry securing the first LNG carrier order of the year, achieving the “zero” breakthrough.
According to Longchuan Orderbook records, as the domestic shipyard that first built large LNG carriers, Hudong-Zhonghua Shipbuilding secured a total of 24 LNG carrier orders in 2024. All were for the world’s largest 271,000 cubic meter ultra-large LNG carriers, all ordered by QatarEnergy, with a total value of about $8 billion. The cost per ship is about $333 million, and they are expected to be delivered between 2028 and 2031. With these 24 orders, Hudong-Zhonghua also became the shipyard with the most LNG carrier orders received in 2024.
Since the beginning of this year, the global LNG carrier newbuilding market has cooled. Excluding the latest order from Bonny Gas Transport, global shipowners have placed orders for only 20 LNG carriers so far this year, of which South Korean shipyards received 18 and US shipyards received 2.
Currently, the global shipbuilding industry is eagerly anticipating the return of more LNG carrier orders to the market. In terms of market demand, Qatar’s NGL-5 project is expected to order at least 20+ LNG carriers; the United States is also expanding its LNG export bases centered in Texas and Louisiana, with export capacity expected to reach 100 million tons per year by 2027, which is estimated to require the construction of 40+ LNG carriers. Philippe Berterottièr, Chairman and CEO of France’s GTT, predicts that global demand will increase by more than 150 LNG carriers.
Considering the demand outlook forecast, industry analysts point out: “Although price pressure on ships remains, under the dual trends of energy security and the transition to environmentally friendly fuels, demand for LNG carriers is bound to show structural growth.”
