Hong Kong-based shipowner and leasing newcomer SeaKapital Holdings has placed an order for up to six liquefied natural gas (LNG) dual-fuel bunkering vessels at Ningbo Xinle Shipbuilding in China, according to Greek shipbroker Intermodal.
SeaKapital has committed to two firm 20,000 cbm LNG bunker ships, with options for two additional pairs, potentially bringing the total order to six vessels. The contract is reportedly valued at $516 million, translating to approximately $86 million per vessel.
The two newbuildings are expected to be delivered in 2027, according to Intermodal data.
As the maritime industry moves toward net-zero emissions, demand for alternative fuels such as LNG continues to rise. A January 2025 report by industry coalition SEA-LNG highlighted a 33% annual increase in LNG-fueled vessels, with these ships accounting for 70% of alternative-fueled tonnage ordered in 2024. The report also projected that demand for LNG-fueled ships could double by the end of the decade.
Meanwhile, Asia’s bunker market has shown steady growth. In China, very low sulfur fuel oil (VLSFO) sales reached 6.6 million tons in 2021, marking a 62% increase from the previous year. Additionally, the Maritime and Port Authority of Singapore (MPA) reported that biofuel blend sales rose from 0.5 million tons in 2023 to 0.88 million tons in 2024.
Hong Kong is also positioning itself as a hub for LNG bunkering services. To support this vision, CLP Power partnered with China National Offshore Oil Corporation (CNOOC) in December 2024 to develop LNG bunkering infrastructure at the port of Hong Kong.
This initiative aligns with the Hong Kong government’s “Action Plan on Green Maritime Fuel Bunkering,” introduced in November 2024. The plan outlines strategies to promote low-carbon and net-zero fuels while establishing Hong Kong as a leading center for green maritime fuel bunkering.