MARAN Gas Maritime, the liquefied natural gas shipping arm of the Angelicoussis Group, has inked a contract with Hanwha Ocean to build two LNG carriers for delivery in 2027.

Valued at Won713.5bn ($255m) per vessel, the deal includes options for two more ships that could push the value for the South Korean builder above $1bn.

The firm pair of vessels increases Maran Gas’ orderbook to 12 new LNG carriers, on top of an existing fleet of 48 under management.

The latest 174,000 cu m newbuildings would have ME-GI engines and a full reliquefaction system for better fuel efficiency and reduced emissions compared with conventional LNG carriers, the yard said.

They will also feature “advanced eco-friendly technologies”, such as Hanwha Ocean’s air lubrication system and shaft generator motor.

The contract extended a 30-year relationship spanning 123 vessels that had made the Greek owner the shipbuilder’s “most valuable client”, Hanwha Ocean said.

The first collaboration was with Angelicoussis’ father, John Angelicoussis, in 1994, when the yard was Daewoo Shipbuilding & Marine Engineering.

DSME was the Greek owner’s favoured yard for large tankers before becoming its go-to builder of LNG carriers as well.

A statement quoted a yard official as saying the partnership with Angelicoussis, now worth an aggregate of about $15bn in revenues, testified to Hanwha Ocean’s technical abilities.

Angelicoussis’ current fleet of 144 vessels on the water plus 23 ships on order spans the LNG carrier, tanker and dry bulk sectors.

The new LNG carrier order is the first the owner has penned for about a year and a half.

It comes days after a landmark deal for Angelicoussis to acquire Altera’s fleet of 18 shuttle tankers.

Hanwha Ocean said that it has doubled its order intake of $3.5bn last year.

In 2024, it has secured nearly $7.9bn worth of orders for 39 units including 18 LNG carriers, one FSRU, seven very large crude carriers, six containerships, three ammonia carriers and an offshore platform.

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