Aygaz Triples VLGC Bet with Fresh South Korea Orders

Why It Matters

Aygaz’s VLGC expansion strengthens Turkey’s LPG supply chain and signals a broader industry push toward larger, more sustainable vessels, reshaping the global deep‑sea gas market.

Key Takeaways

• Aygaz orders two 90,000 cu m dual‑fuel VLGCs from Hyundai.
• Total VLGC new‑build program now three vessels.
• First VLGC slated for Q2 2028 at $119 million price.
• Dual‑fuel tech aims to cut emissions in LPG transport.
• Shift from 7,000‑11,000 cu m ships to ultra‑large carriers.

Pulse Analysis

Aygaz’s latest contract with HD Hyundai Heavy Industries underscores the growing appetite among LPG distributors for ultra‑large gas carriers. The Turkish market, traditionally dominated by regional, small‑scale vessels, is now aligning with global trends that favor economies of scale and longer voyage capabilities. By committing to three VLGCs—each around 90,000 cu m—Aygaz positions itself to capture a larger share of the Asian‑to‑European LPG trade lanes, where demand for reliable, high‑volume transport remains robust.

The dual‑fuel configuration of the new VLGCs reflects an industry‑wide shift toward greener maritime operations. By enabling the use of both marine diesel and low‑sulphur gas, the vessels can significantly reduce carbon intensity and comply with tightening IMO emissions regulations. For Aygaz, the technology promises lower fuel costs and enhanced flexibility, translating into tighter margins and a more resilient supply chain for its downstream customers.

Strategically, the move marks a departure for Koç Holding’s energy arm, which has historically focused on 7,000‑11,000 cu m LPG carriers. Scaling up to VLGCs not only diversifies its asset base but also signals confidence in long‑term LPG demand, especially in fast‑growing Asian markets. Competitors will likely monitor Aygaz’s rollout, as the combination of size, dual‑fuel efficiency, and strategic shipyard partnership could set a new benchmark for regional players seeking to compete on a global stage.