EXMAR sets up new entity to operate dual-fuel LPG/ammonia carrier newbuilds

Belgian shipping company EXMAR has opened a new entity, EXMAR LPG France, which will own and operate six newbuild dual-fuel LPG/ammonia midsize gas carriers (MGCs) under construction at HD Hyundai Mipo in South Korea.

The company announced the opening of the new French entity in its third quarter results report, which was released on November 8, noting that financing for the six new LPG/ammonia carriers was closed in October 2024.

To remind, EXMAR ordered the MGCs, which are expected to be the first-ever oceangoing vessels to be propelled by dual-fuel engines capable of operating with ammonia, through its joint venture with Seapeak.

The South Korean shipyard laid the keel for the first 46,000 cubic meter (cbm) carrier in July this year. The delivery of the vessel is scheduled for the first quarter of 2025.

The first two units in this six-vessel series will be powered by LPG dual-fuel engines while the remaining four vessels will be fueled by ammonia.

Swiss company WinGD will provide engines for the newbuilds and Finnish technology group Wärtsilä will deliver the cargo handling and fuel supply systems for the four ammonia-fueled vessels.

The vessels, measuring 190 meters in length, 30.4 meters in width, and 18.8 meters in height, will be delivered sequentially to EXMAR by May 2026.