Maran Gas exercises option for two LNG carriers at HHI

28 November 2011 (Last Updated November 28th, 2011 18:30)

Maran Gas Maritime, the gas carrier arm of the Greece-based Angelicoussis Shipping Group, has agreed to exercise options with Hyundai Heavy Industries (HHI) for two more liquefied natural gas (LNG) carriers costing $200m each.

Maran Gas Maritime, the gas carrier arm of the Greece-based Angelicoussis Shipping Group, has agreed to exercise options with Hyundai Heavy Industries (HHI) for two more liquefied natural gas (LNG) carriers costing $200m each.

HHI will deliver the two carriers in December 2014 and April 2015.

The deal will bring the total order to four 160,000-cbm LNG carriers, the South Korean ship builder will build for Maran.

Maran had also ordered five similar-sized LNG carriers from another South Korean ship builder Daewoo Shipbuilding and Marine Engineering (DSME).

After acquisition of nine new vessels, the Maran-managed LNG fleet is expected to increase to 14 LNG carriers by 2015.

HHI however said that the new order for the pair of LNG carriers is under negotiation and has not been confirmed yet.

The two South Korean shipyards, DSME and HHI, had previously signed a letter of intent (LoI) in June 2011 with Maran Gas to build eight gas carriers which includes an option for four additional vessels, which is expected cost $1.6bn.

Maran is expected to place a similar order with HHI, which brings the total number of vessels to eight including options.

Earlier in 2011 the company ordered two 164,000m³ LNG carriers at South Korea’s Hyundai Samho Heavy Industries for $400m.

The two vessels are scheduled to be delivered in December 2013 and April 2014.