In a significant move that underscores the shifting dynamics of the global liquefied natural gas (LNG) shipping market, Greek shipowner TMS Cardiff Gas has announced a major expansion of its LNG carrier orderbook through a new partnership with China’s Hudong-Zhonghua Shipbuilding. This deal not only marks a strategic pivot for TMS Cardiff Gas but also signals China’s growing influence in the high-end LNG carrier sector, traditionally dominated by South Korean shipyards.
The Details of the Deal
On 21 January 2026, TMS Cardiff Gas, led by renowned shipping magnate George Economou, signed a contract with Hudong-Zhonghua Shipbuilding for the construction of up to six new LNG carriers. The agreement comprises four firm orders for 174,000 cubic metre (cbm) LNG carriers, with options for an additional two vessels. While the contract price and delivery schedule have not been publicly disclosed, industry benchmarks suggest a price point of approximately $248 million per ship, based on recent comparable deals at the Shanghai-based yard.
The vessels will be built to Hudong-Zhonghua’s fifth-generation “Changheng Series” LNG carrier design, which has been further refined to include ice-class navigation capability and a suite of low-carbon, energy-saving features. The ships will be equipped with GTT’s NO96 Super+ containment system, designed to reduce carbon emissions by more than 10 tonnes per sailing day, maintain low boil-off rates, and offer wide operational flexibility. With this contract, the global orderbook for the Changheng Series has reached 45 units, setting a new record for this vessel type.
Strategic Significance
This order is a landmark for both TMS Cardiff Gas and Hudong-Zhonghua. For TMS Cardiff Gas, it represents a diversification of its traditional shipbuilding partners. Historically, the company has placed its gas carrier orders with South Korean yards, while turning to Chinese builders for tankers, bulk carriers, and container vessels. The new deal with Hudong-Zhonghua marks a return to the LNG carrier newbuilding market for TMS Cardiff Gas, following its recent orders for four LNG carriers at Samsung Heavy Industries in South Korea.
For Hudong-Zhonghua and the broader Chinese shipbuilding industry, the contract is a “major breakthrough,” marking successful entry into the European LNG carrier market. The rapid negotiation and signing process—completed in just 56 days—demonstrates the shipowner’s confidence in Hudong-Zhonghua’s capabilities and the efficiency of the collaboration between the two teams.
Technological and Environmental Advancements
The Changheng Series LNG carriers are at the forefront of technological innovation in the maritime sector. The vessels’ advanced design incorporates multiple low-carbon and energy-saving technologies, ensuring compliance with the latest international environmental standards. Key features include:
- Ice-class navigation capability for enhanced operational flexibility in challenging environments.
- GTT’s NO96 Super+ containment system for improved cargo safety and reduced boil-off rates.
- Energy Efficiency Design Index (EEDI) compliance, with daily carbon emissions reduced by over 10 tonnes.
- Smart operation and maintenance systems for optimised performance and reliability.
These advancements position TMS Cardiff Gas to meet the growing global demand for LNG transportation while minimising its environmental footprint.
Broader Industry Context
The LNG shipping sector has seen subdued newbuilding activity in recent years, with only 23 vessels ordered globally through July 2025—a notable drop from previous years. However, the latest orders from TMS Cardiff Gas and other major players indicate renewed momentum, particularly as Chinese and South Korean shipyards compete for market share.
TMS Cardiff Gas, as one of Greece’s largest gas carrier operators, continues to expand its fleet through a robust newbuilding programme covering both LNG and LPG vessels. The company’s strategic investments across tankers, gas carriers, and containerships underline its commitment to maintaining a modern, efficient, and environmentally responsible fleet.
Conclusion
The partnership between TMS Cardiff Gas and Hudong-Zhonghua Shipbuilding is a milestone for both companies and a testament to the evolving landscape of the global LNG shipping industry. By embracing cutting-edge technology and forging new international collaborations, TMS Cardiff Gas is well-positioned to capitalise on future opportunities in the LNG market.
Major References
- TMS Cardiff Gas expands LNG orderbook with Chinese deal – World Ports Organization
- Economou’s TMS turns to China for up to six LNG carrier newbuildings – Riviera
- TMS orders LNG carrier quartet in China – LNG Prime
