ZHOUSHAN Changhong International Shipyard has announced orders from two European shipowners for up to 18 large containerships that could be worth more than $3.5bn if all options are exercised.

The world’s largest box carrier Mediterranean Shipping Co has signed up for four 21,700 teu liquefied natural gas dual-fuel ships, plus four optional vessels, according to the Chinese builder.

Newbuilding prices for LNG dual-fuel ultra large containerships of this class are currently estimated above $270m at yards in China.

Before this order was announced, MSC already had the largest orderbook of any carrier, with 129 ships totalling 2m teu or more than 30% of its existing fleet capacity, according to Alphaliner.

Meanwhile, the George Economou-led TMS Group has penned a deal for 10 ships, each with a capacity of 11,400 teu, using similar dual-fuel propulsion systems.

Greek shipbroker Intermodal earlier this month revealed the TMS order in a report, saying the group will pay Zhoushan Changhong $140m per ship, with deliveries scheduled between 2027 and 2029.

However, four of the 10 ships are options, according to the broker.

The announced deals, alongside Evergreen’s publicly disclosed plan last week to order 11 LNG dual-fuel ships with a capacity of 24,000 teu each, shows that LNG is continuing last year’s momentum and re-establishing itself as the dominant choice for shipowners among alternative fuels.

Data from Clarksons shows around 70% of dual-fuel newbuildings in 2024, excluding LNG carriers, will use LNG technology, up from 43% in 2023, while methanol’s share declined to 14% from 30%.

Methanol pioneer Maersk’s pivot to LNG is seen as a landmark event behind this shift, and it has ordered about 50 LNG-powered ships since the second half of last year, either directly with yards or via long-term charter agreements with tonnage providers.

Speculations have also emerged recently that the Danish giant is sounding out yards for potential new LNG dual-fuel orders.