KSS Line orders three 90,000-cbm VLGC newbuildings at HD Hyundai Heavy Industries with BGN and Gyxis charters

KSS Line HD Hyundai Heavy Industries VLGC LPG BGN Group Gyxis Shipbuilding South Korea Alternative Fuel Maritime

Investor presentation visual of KSS Line's order for three 90,000-cbm VLGCs at HD Hyundai Heavy Industries

0:00

South Korean shipowner KSS Line committed KRW 504.8 billion (about $366 million) to three 90,000-cbm VLGC (Very Large Gas Carrier) newbuildings at HD Hyundai Heavy Industries, according to HD Korea Shipbuilding & Offshore Engineering. The board approved the investment on 30 April 2026, and the vessels are due to enter service from the first quarter of 2029, with delivery completed by the end of August 2029.

Charter cover comes from two separate agreements. Two of the ships are earmarked for BGN Group on a seven-year package valued at approximately KRW 514.3 billion ($373 million). The third ship will work with Japan-based Gyxis on a five-year contract worth around KRW 185.2 billion ($134 million). Together, the charter arrangements are valued at roughly KRW 700 billion ($508 million) of long-term LPG shipping revenue.

The 90,000-cbm vessels carry an old Panamax LPG dual-fuel VLGC design, sized to transit both the old and new Panama Canal. KSS Line said the dimensions reduce exposure to canal waiting risks and strengthen the environmental profile of its medium and large gas-carrier fleet; the dual-fuel propulsion is intended to support emission targets via the LPG fuel option.

The ships will be built at HD Hyundai Heavy Industries' Ulsan yard and delivered in the second half of 2029. The order takes HD Korea Shipbuilding & Offshore Engineering's 2026 intake to 86 ships worth $9.35 billion, equal to 40.1 percent of the group's $23.31 billion annual target. KSS Line is a South Korean marine transportation company focused on gas and chemical cargoes including LPG, ammonia and petrochemicals.

Key Takeaways:
1. KSS Line ordered three 90,000-cbm VLGCs from HD Hyundai Heavy Industries for KRW 504.8 billion ($366 million).
2. The KSS Line board approved the investment on 30 April 2026, with vessels entering service from the first quarter of 2029.
3. Two ships will sail under a seven-year BGN Group charter worth KRW 514.3 billion ($373 million); the third ship is on a five-year Gyxis contract worth KRW 185.2 billion ($134 million).
4. The old Panamax LPG dual-fuel design lets the vessels transit both the old and new Panama Canal, cutting canal waiting risk.
5. The order pushes HD Korea Shipbuilding & Offshore Engineering's 2026 intake to 86 ships and $9.35 billion, equal to 40.1% of the $23.31 billion annual target.