Nigeria LNG (NLNG), a West African liquefied natural gas (LNG) exporter, is advancing a new round of fleet renewal plans, with its shipping subsidiary Bonny Gas Transport having selected a Chinese shipyard to build LNG carriers in bulk.
According to multiple foreign media reports, Bonny Gas Transport has reached an agreement with Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation, to jointly build 3+3 174,000 cubic meter LNG carriers, with the first batch of 3 expected to be delivered in 2029.
This order marks another significant step in the modernization of NLNG’s long-haul fleet. Bonny Gas Transport, a subsidiary of the company, currently operates 13 LNG carriers, including six dual-fuel diesel-electric (DFDE) vessels built under the BGT Plus program.
It is reported that the construction cost of the new vessels between Bonny Gas Transport and Hudong-Zhonghua Shipbuilding has not yet been disclosed. According to Clarkson data released in early November, the current market price for 174,000 m³ LNG carriers is approximately $248 million. Calculating based on this figure, the total value of Hudong-Zhonghua Shipbuilding’s three confirmed orders is estimated at $744 million. Should the three option orders be exercised, the total value of all six newbuildings would be estimated at $1.488 billion.
It is worth noting that if the above-mentioned six new ships are confirmed, they will become Hudong-Zhonghua Shipbuilding’s first new ship order in the LNG carrier market this year, and also mark China’s shipbuilding industry winning its first LNG carrier order this year, achieving a breakthrough from “zero”.
As one of the earliest shipyards in China to build large LNG carriers, Hudong-Zhonghua Shipbuilding undertook a total of 24 LNG carrier orders in 2024. All of these are ultra-large LNG carriers with a capacity of 271,000 m³, the largest in the world. All orders were placed by QatarEnergy, with a total value of approximately $8 billion, and are expected to be delivered between 2028 and 2031. With these 24 orders, Hudong-Zhonghua Shipbuilding became the shipyard with the most LNG carrier orders in 2024.
This year, the global market for new LNG carrier orders has cooled. Excluding the latest order for Bonny Gas Transport, global shipowners have placed orders for only 20 LNG carriers so far this year, with South Korean shipyards securing 18 of these vessels and U.S. shipyards receiving 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 base, centered in Texas and Louisiana, with exports projected to reach 100 million tons per year by 2027, at which time it is estimated that more than 40 LNG carriers will be needed. Philippe Berterottièr, Chairman and CEO of GTT, predicts that global demand for LNG carriers will increase by more than 150.
Based on demand forecasts, industry analysts point out that “despite continued pressure on ship prices, the demand for LNG carriers is bound to show structural growth due to the dual trends of energy security and the transition to environmentally friendly fuels.”