Spain’s Ibaizabal linked to trio of LNG bunker vessel orders

Spain’s Grupo Ibaizabal has emerged behind three newly contracted LNG bunkering vessels in China and South Korea.

Shipbuilding sources report the company has lined up a second 18,600 cu m vessel at Chinese state-owned Hudong-Zhonghua Shipbuilding in a deal worth around $90m.

The unit is estimated for delivery in 2027 and into a charter with French energy major TotalEnergies, which last year selected Ibaizabal for the first Hudong-Zhonghua LNG bunker newbuild expected for delivery by the end of 2026.

Meanwhile, brokers have also tied the Spanish shipowner to a pair of 18,000 cu m vessels booked for construction at South Korea’s HD Hyundai Mipo.

The vessels are priced at about $97.5m, with delivery set for 2027. These newbuilds are backed by charters with Shell, according to brokers.

The LNG bunkering segment has seen nearly 20 newbuilding moves in the year to date, including firm orders and optional units, as the number of LNG-powered ships is expected to double by the end of the decade. Currently, about 60 LNG bunker vessels are in service, with over 30 additional units ordered since the start of 2024.