Knutsen boosts LNG fleet pipeline with fresh Hanwha Ocean order

Hanwha Ocean disclosed on Friday (29 May)that it had signed a contract worth about $250m for a single 174,000 cu m newbuilding, with delivery scheduled by September 2029. Market sources identified the owner as Knutsen and said the vessel is believed to be an option the company had been holding at the yard.      The latest contract lifts Knutsen’s orderbook at Hanwha Ocean to nine LNG carriers and takes the group’s overall LNG fleet portfolio to 52 vessels, comprising 40 ships in operation and 12 under construction.      The newbuilding is the latest addition to an aggressive expansion programme that has seen Knutsen emerge as one of the most active LNG shipowners over the past six months.      Knutsen revealed in recent financial disclosures that the nine LNG carriers ordered since late December 2025 represent a combined capital expenditure of about $2.3bn.      The company said it plans to fund the initial yard instalments from its own resources, while the remaining construction costs are expected to be financed largely through senior credit facilities.      Knutsen has built its LNG business around long-term contracts with investment-grade charterers – the strategy that has enabled the company to continue expanding while maintaining visibility over future earnings. Charter coverage has been secured for much of the Hanwha programme. One unit under construction and due to be delivered in 2029 has not yet been fixed and remains available for employment, the company said in its latest financial report.