On January 15, Istanbul-based energy company Aygaz announced it had signed a contract with HD Hyundai Samho for the construction of one 93,000 m³ Very Large Gas Carrier (VLGC). The vessel is valued at approximately $119 million and is scheduled for delivery in the second quarter of 2028.
One day later (on the 16th), HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, confirmed it had secured the VLGC order from Aygaz.
Through this contract signing, HD KSOE has secured five new ship orders this year, valued at approximately $1.16 billion, achieving about 5% of its annual order target of $23.31 billion. By vessel type, these include four liquefied natural gas (LNG) carriers and one LPG/ammonia carrier.
The vessel is equipped with a dual-fuel propulsion system capable of operating on both conventional fuels and cleaner alternative fuels, aligning with the global trend toward decarbonization in the maritime industry. It is specifically designed for liquefied petroleum gas (LPG) transportation and trade.
Aygaz noted that the company had signed a shipbuilding cooperation letter of intent with HD Hyundai Samho as early as December 12, 2025. However, to maintain commercial leverage during negotiations, it chose to delay public disclosure of this shipbuilding contract.
Aygaz, established in 1961 and part of Turkey’s largest conglomerate Koc Holding, is one of the country’s leading fuel distributors specializing in liquefied petroleum gas (LPG) trading and transportation. The company possesses Turkey’s largest LPG storage capacity, totaling 170,000 cubic meters, and operates three vessels under its own ownership.
In the first nine months of 2025, Aygaz achieved operating revenue of 64.76 billion Turkish lira (approximately US$1.49 billion), while its total sales volume of liquefied petroleum gas reached 1.777 million tons, of which 661,000 tons came from overseas markets, generating international revenue of US$391 million.