Denmark’s Celsius Tankers is making a big push to expand its LNG carrier fleet and has turned to shipyards in China for newbuildings as South Korean berth slots evaporate.
Multiple sources said the Jeppe Jensen-led company has set a plan to order 10 to 12 LNG carrier newbuildings at Chinese yards.
They said Celsius has approached all Chinese yards that are capable of building LNG carriers for its newbuildings. However, to date discussions for the vessels have only progressed with two shipbuilding companies — Yangzijiang Shipbuilding and China Merchants Heavy Industry — that are trying to make a break into LNG carrier construction.
The reasons why China’s first LNG shipbuilder — Hudong-Zhonghua Shipbuilding (Group) — or newcomers Jiangnan Shipyard and Dalian Shipbuilding Industry Co (DSIC) did not enter the newbuilding discussions with the Danish shipping company were not disclosed.
But market pundits think the three yards have already built up huge newbuilding order backlogs and do not have the berths with the early delivery dates that Celsius is chasing.
TradeWinds has been told that Hudong-Zhonghua has more than 30 LNG carriers on its orderbook and is only able to offer delivery slots in 2028.
Relative newcomer Jiangnan is tied up building a series of LNG carriers for Adnoc Logistics & Services, with potentially more vessels in the works for the Abu Dhabi state-run Adnoc group company, while DSIC is constructing up to four units for China Merchants Energy Shipping.
Shipbuilding players said these three CSSC-controlled shipyards are also reserving some LNG carrier berths for state-owned and domestic shipping companies.
Those following Celsius said the company, which has nine 180,000-cbm LNG carrier newbuildings under construction at South Korea’s Samsung Heavy Industries, had been thought to hold several optional vessels at the yard.
Market talk had suggested Celsius was intending to exercise one of the optional ships there. But more recent chatter indicated that against the current demand crush at yards by independent LNG shipowners and projects and the lack of available slots at South Korean yards, the berth may no longer be available for the Danish owner.
South Korea’s big LNG shipbuilders have almost no slots remaining for 2026 delivery dates and have yet to release any of their remaining 2027 berths.
TradeWinds has asked Jensen to comment and clarify on the LNG newbuilding reports relating to Celsius but he has yet to respond.
SHI is due to deliver Celsius’ nine LNG newbuildings between November 2023 and October 2025.
Four of the newbuildings are fixed on long-term charters to trader Gunvor’s Clearlake Shipping arm, while energy majors BP and Shell have each fixed two ships. The charterer for the ninth newbuilding was described by Celsius as fixed long term to a “first-class major charterer”.
Celsius currently has four 180,000-cbm LNG ships on the water. Three of these are chartered out to Cheniere Energy and a fourth was originally fixed to Gunvor.
