BGN Orders 2 More LPG VLGCs from HD Hyundai

BGN said it has awarded a contract to HD Hyundai Heavy Industries (HD HHI) for 2 dual-fuel very large gas carriers (VLGCs) to support its expansion in the global liquefied petroleum gas (LPG) shipping market.

"The vessels, each with a cargo capacity of 93,000 cbm, will be built at HD HHI's shipyard in Korea and are scheduled for delivery by 2029", Geneva, Switzerland-based BGN said in a press release.

"Designed to operate on both conventional and lower-emissions fuels, the new vessels are also capable of carrying ammonia, supporting BGN's commitment to the decarbonization of maritime transport", BGN said.

On April 16 BGN awarded a contract to the same shipbuilder for 4 dual-fuel VLGCs. Each with a capacity of 90,000 cbm, the LPG carriers would also be delivered 2029. They are meant to run on both conventional and lower-emission fuels and carry ammonia.

In another South Korean LPG partnership, BGN late last year launched a joint venture with South Korea's HMM.

The 50-50 joint venture, based in Singapore, will operate 2 VLGCs under a 10-year contract with the option for 5 more years. The vessels are being built by HD HHI and are scheduled to be delivered in the first half of 2027, BGN said December 30, 2025.

LPG Financing

Recently BGN raised $450 million through syndicated bank financing to support its LPG trading and shipping operations.

"The transaction represents a significant milestone for the company, featuring a uniquely structured financing package regarded as the first of its kind in the sector", BGN said in a media release April 21, 2026. "The facility is expected to deliver operational efficiencies and favorable financing terms for BGN and its suppliers.

"The deal is backed by leading international commodity banks, underscoring strong lender confidence in BGN's growth strategy and trading strength".

The lead banks were Coöperatieve Rabobank UA, Crédit Agricole Corporate and Investment Bank and Natixis CIB. Coöperatieve Rabobank, along with CA Indosuez (Switzerland) SA, also acted as an issuing bank.

The other participating banks were Raiffeisen Bank International AG, Société Générale, First Abu Dhabi Bank, Bank of China and Garantibank International NV.

BGN chief financial officer Rui Florencio said, "Not only is the structure of this finance facility unique, but we closed it in a challenging geopolitical and high-price environment.  This again demonstrates the level of trust and confidence our financial partners place in BGN’s business model and growth strategy".

LNG Expansion

Also in April BGN announced a joint venture with Capital Clean Energy Carriers Corp for the long-term charter and operation of BGN's first LNG carrier.

The tanker will be chartered for an initial 10 years with the option to extend for 6 years.

"Scheduled for delivery in early 2027, the Amore Mio I is a modern 174,000 cbm LNG carrier equipped with advanced technologies, including onboard reliquefaction systems and IMO Tier III-compliant emissions standards", BGN said April 16.

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