According to Hellenic Shipping News, GTT has received an order from HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for the tank design of two new Liquefied Natural Gas Carriers (LNGCs). The contract is on behalf of Tsakos Energy Navigation, the ship-owner, with the LNGCs to be built by HD Hyundai Heavy Industries. Each carrier will have a capacity of 174,000 cubic meters. The LNGCs will be equipped with the Mark III Flex membrane containment system developed by GTT, ensuring high safety standards. Delivery of the vessels is expected by the first quarter of 2029.
The order marks a significant step in the expansion of GTT's market presence, especially in the LNG carrier segment. HD KSOE, as a subsidiary of HD Hyundai, continues to strengthen its position in the shipbuilding industry, aiming to meet the growing demand for gas carriers. This contract aligns with the company's strategy to secure high-value orders, with the total order performance reaching 77.6% of the annual target by the end of the year.
Key Details and Impact
The Mark III Flex membrane containment system, developed by GTT, is recognized for its advanced cryogenic tanks, ensuring efficient and safe storage of LNG. The system's inclusion in these vessels underscores GTT's commitment to innovation and safety in the LNG carrier market. The design of the tanks will contribute to enhanced operational efficiency and environmental sustainability, aligning with the growing demand for cleaner energy solutions.
Market Context and Order Status
HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, has been actively pursuing new orders to meet its annual target. As of August 24, 2026, the company has secured a contract worth 515.4 billion won ($396.46 million) to build four liquefied petroleum gas (LPG) carriers. This order brings the total number of ships ordered to 162, amounting to $18.08 billion, achieving 77.6% of the $23.31 billion annual order target. The company has seen significant orders in various ship types, including 50 LPG carriers, 50 petrochemical carriers (PC carriers), 30 container ships, 17 LNG carriers, 11 crude oil carriers, and 2 pure car and truck carriers (PCTC).
The success of HD KSOE in securing this order highlights the strong demand for gas carriers, particularly LNG carriers, in the maritime industry. The company's strategy to diversify its order portfolio and focus on high-value-added ships is paying off, positioning it as a key player in the gas carrier market.
What this means for operators
The new LNG carriers designed by GTT will offer improved operational efficiency and safety for operators. With the advanced Mark III Flex membrane containment system, these vessels will be better equipped to handle the demands of long-distance, large-scale LNG transportation. This order will enhance Tsakos Energy Navigation's fleet, ensuring they remain competitive in the global LNG market. For operators considering newbuilds, the inclusion of advanced safety systems and high capacity makes these vessels an attractive option, offering a reliable and efficient solution for their shipping needs.