Zodiac Maritime, led by Eyal Ofer, has taken its first step into the traditional LNG carrier sector. According to shipbuilding sources, the London-based company has signed a contract worth KRW680 billion (approximately $499.6 million) with Hanwha Ocean.
Contract Details
The South Korean shipbuilding company Hanwha announced on Monday that the contract includes two LNG vessels for a shipowner based in Africa. Under this agreement, the vessels will be delivered by November 2029. Shipbuilding sources emphasized that Zodiac is behind this contract and the agreement includes options for the construction of two additional vessels.
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Expansion in Various Sectors
This move opens a new transportation sector for one of the diverse private owners in the industry and strengthens Zodiac's relationship with Hanwha. In May, Zodiac registered three large ammonia carriers at the same South Korean yard, with options that could increase this program to five vessels. The firm contract value for the construction of these vessels is estimated at KRW507.4 billion (approximately $345 million).
Zodiac is simultaneously expanding its tanker fleet and has registered four Suezmax tankers with a capacity of 158,000 dwt at Jiangsu New Hantong, expanding its Suezmax program to nine vessels. Additionally, the company is developing a large VLCC program at a Chinese yard. Considering the vessels under construction, the total number of tankers in service or on order is approaching 80 vessels.
Furthermore, the company has also been expanding in the car carrier and container ship sectors, having registered two dual-fuel LNG vessels with a capacity of 7000 ceu at Yantai CIMC Raffles for delivery in 2028.
Hanwha's Status
Hanwha has also announced that the latest LNG contract brings the total number of the company's commercial orders for 2026 to 41 vessels worth $7.71 billion, which includes 18 VLCCs, eight LNG carriers, and six container ships.
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