YANGZIJIANG Shipbuilding has won its first order for two 175,000 cubic metre (cu m) liquefied natural gas (LNG) carriers from an unnamed European customer.

The vessels will be equipped with GTT (Gaztransport & Technigaz) Mark III Flex membrane tanks and are scheduled to be delivered between 2025 and 2026.

In a press statement on Wednesday (Oct 26), the group said this marks its first GTT Mark III LNG carrier order after it obtained its GTT licence in early September this year.

While the value of the contract was not disclosed, Yangzijiang said its order book now stands at an all-time high of more than US$10 billion.

Highlighting the membrane tanks as “safer and more space efficient”, Yangzijiang added that the vessels will adopt two dual-fuel Man 5G70ME-C10.5-GA-EGRBP models for the main propulsion system and a re-liquefaction system with a capacity of 1.5 tonnes per hour – which would thereby reduce greenhouse-gas emissions.

The vessels are of the new conventional LNG carrier size at 170,000 to 180,000 cu m.

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According to the group, most newbuilding orders over the past year are of this capacity and are deemed “most suitable” for exports of LNG from the new US Gulf liquefaction terminals through the enlarged Panama Canal, and across the Pacific to Asia.

Looking ahead, Yangzijiang said it envisions extending a foothold in the global LNG sector – which is expected to be tight until 2026 as Europe’s sanctions on Russian gas exports increase demand for LNG.

The group said it is confident to capture a larger market share in this sector as it leverages the demand-supply gap as well as its own research and development capabilities.

Highlighting Yangzijiang as the first non-state-owned yard in China to break into the LNG market, executive chairman and chief executive Ren Letian said the latest contract win demonstrates the group’s “growing reputation of being able to build greener vessels competitively and on time”.

“We look forward to delivering more and more green vessels in the years to come,” he added.

Shares of Yangzijiang Shipbuilding : BS6 0% ended Tuesday S$0.03 or 2.5 per cent lower at S$1.19.