South Korean shipbuilding conglomerate HD Hyundai announced on 13 July that it had secured an order from an unnamed European shipowner for three VLACs valued at approximately US$363M. The vessels are scheduled for delivery by May 2030.

Market sources have confirmed that Ciner is the owner behind the order. The company now has nine 90,000-m³ LPG dual-fuel VLACs under construction at the yard.

Riviera reported in May that Ciner had entered the gas carrier market with an initial US$717M order for six VLACs, following advanced discussions with HD Hyundai earlier in the year. Those vessels are scheduled to join the fleet by December 2029.

With the latest contract, Ciner’s newbuilding programme now totals 27 vessels, comprising 12 Ultramax bulk carriers, four Kamsarmax bulk carriers, two 3,100-TEU container ships and nine VLACs.

The company relocated its shipping operations to Greece in early 2025 as its fleet expanded, aiming to benefit from one of the world’s leading maritime hubs and support its long-term growth ambitions.

The latest contract also strengthens HD Hyundai’s order intake for the year. The shipbuilder has now secured contracts for 142 vessels worth US$16.4Bn, representing around 70% of its annual order value target.

LPG/ammonia carriers and liquefied carbon dioxide (LCO2) carriers have been among the strongest-performing segments this year, with 43 vessels contracted.

The VLGC/VLAC orderbook has experienced a strong resurgence this year. According to Veson Nautical’s mid-year report, owners ordered 49 vessels in the VLGC, VLAC and very large ethane carrier (VLEC) segments during the first half of 2026, compared with just nine during the same period last year.

UK-based shipowner Union Maritime was the latest company to enter the gas carrier market with a VLAC order, as Riviera first reported earlier this month.