ASYAD Shipping, a part of Oman’s national logistics provider ASYAD Group, has signed an agreement with South Korea’s Hyundai Samho Heavy Industries for the construction of two liquefied natural gas (LNG) carriers.

According to a stock exchange filing, the order for two LNG carriers was placed on 21 December and is worth KRW 650 billion (approximately $505.5 million).

The two vessels are due to be delivered by the end of June 2026.

The new 5th generation LNG carriers will be added to ASYAD’s fleet as part of an expansion plan to bolster energy logistics capabilities and meet increasing global demand, the company said in a social media update.

On the other hand, the agreement adds to Hyundai Samho Heavy Industries’ growing orderbook of LNG carriers.

The subsidiary of South Korean giant Korea Shipbuilding & Offshore Engineering (KSOE) signed one such contract with an unidentified shipowner based in Oceania, worth KRW 346 billion ($241 million), in October this year.

KSOE said at the time it had surpassed its yearly target for 2022 having won orders for 184 ships, an equivalent of $22.06 billion. The shipbuilding major’s objective for this year was a $17.4 billion orderbook value.

KSOE’s unit Hyundai Samho has also been on the front line of the construction of LNG-powered vessels, breaking ground with the delivery of the world’s first ultra-large LNG-powered containership CMA CGM Tenere in 2020 followed by the delivery of the world’s first LNG-powered bulk carriers HL Eco and HL Green.