Alpha Gas returns to LNG newbuilds as 2029 delivery slots sell
January 22, 2026
Alpha Gas has placed an order for two LNG carriers at Hanwha Ocean’s Okpo yard under a contract disclosed at about KRW 738.3bn (roughly $500m), with deliveries scheduled for 2029. The order was announced by the shipbuilder, with trade reporting identifying Alpha Gas as the buyer.
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Alpha Gas LNG order in one read
Hanwha Ocean disclosed a contract valued at about KRW 738.3bn (around $500m) to build two LNG carriers at its Okpo yard in Geoje. Industry reporting identified Alpha Gas as the buyer, with delivery scheduled for 2029 and reporting noting “latest energy-efficient technologies.”
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Disclosed value and yard
Two LNG carriers, disclosed contract value in KRW, build at Hanwha Ocean’s Okpo facility. -
Delivery window
Delivery scheduled in 2029, with multiple reports pointing to a late-June 2029 target. -
Specification note
Reporting indicates the ships will be fitted with the latest energy-efficient technologies.
Bottom Line Impact
This order adds two more LNG carriers into the post-2028 delivery pipeline and reinforces that owners are still committing capital to LNG tonnage at current yard pricing.
This order adds two more LNG carriers into the post-2028 delivery pipeline and reinforces that owners are still committing capital to LNG tonnage at current yard pricing.
LNG newbuild pipeline adds two more 2029 deliveries at Hanwha Ocean
| Development | Update | Operational friction | Commercial read-through |
|---|---|---|---|
| Two-ship LNG carrier contract confirmed | Hanwha Ocean disclosed a contract worth about KRW 738.3bn (roughly $500m) to build two LNG carriers at its Okpo yard, with trade reporting identifying Alpha Gas as the buyer and Alpha Gas confirming the deal. | For operators, this is not immediate scheduling friction. The friction shows up later as a larger future fleet base competing for long-haul LNG employment once deliveries arrive. | It reinforces that owners are still signing large capex checks for LNG tonnage, which supports yard pricing and keeps forward supply visibility building out. |
| Delivery window locked into 2029 | Both LNG carriers are due for delivery in 2029. | Post-2028 delivery timing matters for planning because it shapes forward availability for multi-year charters, portfolio renewals, and project-linked shipping needs. | Signals confidence that the buyer expects demand and contract coverage to exist in the 2029 window, not just in the current spot cycle. |
| Yard pricing benchmark stays firm | The disclosed contract value works out to roughly $250m per ship at headline level, a useful marker for what it costs to secure top-tier LNG construction slots. | Higher replacement cost raises the breakeven hurdle for speculative ordering and pushes more owners toward longer tenor charter cover or project alignment before committing. | Supports asset values for modern LNG carriers by anchoring replacement cost at a high level, which can influence sale and purchase expectations and charter rate discussions. |
| Energy-efficiency narrative continues | Hanwha Ocean indicated the LNGCs will be fitted with the latest energy-efficient technologies. | Efficiency upgrades translate into tighter technical spec expectations in tenders, with charterers more likely to compare fuel use, emissions profile, and reliability, not just dayrate. | Raises the bar for older tonnage in competitive fixtures where charterers can choose between legacy ships and new spec, especially for longer-term deals. |
| Forward pipeline signal is the real headline | This order adds visible volume to the post-2028 LNG shipping pipeline at a time when the market is still debating longer-term LNG demand growth and ton-mile routes. | Owners and commercial teams should expect more scrutiny on delivery timing and optionality, because the pipeline shapes future bargaining power between charterers and shipowners. | Each new order reduces uncertainty about future vessel supply and nudges market participants to price forward charter structures with more explicit supply assumptions. |
Alpha Gas locks two LNG carrier slots at Hanwha Ocean for 2029 delivery
Hanwha Ocean disclosed a contract valued at KRW 738.3bn (about $500m) to build two LNG carriers at its Okpo yard in Geoje,
with industry reporting identifying Alpha Gas as the buyer and delivery scheduled in 2029.
2 x LNG carriers
Hanwha Ocean (Okpo, Geoje)
KRW 738.3bn disclosed value
Delivery window: 2029
Energy efficiency referenced
Deal card
- Builder disclosure: contract for two LNG carriers, value disclosed in KRW.
- Build location: Okpo yard, Geoje (Hanwha Ocean disclosure and follow-on reporting).
- Delivery: 2029 (multiple reports place delivery by late June 2029).
- Design note: “latest energy-efficient technologies” referenced in reporting.
Regulatory filingContract value
Hanwha Ocean disclosed the contract value and counterparty region, without naming the buyer.
Industry confirmationBuyer identified
Trade reporting and company communications linked the order to Alpha Gas.
Supply Marker
The order’s practical signal is the delivery window: it adds incremental LNG tonnage into the post-2028 pipeline at a time when yard slots and replacement-cost math matter.
Cost lensHeadline math
Disclosed value implies roughly $250m per ship at the headline level (before any financing or contract-specific adjustments).
Spec lensTender posture
“Energy-efficient” positioning tends to support higher technical expectations in LNG tenders as newer tonnage becomes available.
Interactive: Delivery window and cost split (planning aid)
Uses the disclosed contract value and a configurable ship count to show per-ship cost and months to a target delivery date. Default delivery date is set to June 29, 2029 based on reporting.
Per-ship + time-to-delivery
Per ship: –
Months to target: –
Days to target: –
Adjust inputs and click Calculate.