Turkey’s Aygaz (AYGAZ) has signed a shipbuilding contract with South Korea’s HD Hyundai Samho for the construction of two liquefied petroleum gas (LPG) transportation vessels, Aygaz said on April 15.
Aygaz will pay up to $117mn for each vessel, meaning up to $234mn in total. The final prices may be lowered. They will depend on whether there is any cancellation of possible modifications during the production process.
The payment will be delivered in instalments and the majority of instalments will be paid just prior to vessel delivery.
The first vessel is expected to be delivered in 4Q28 and the second in 2Q29.
The ships will be VLGCs (very large gas carriers) and dual fuel system LPG vessels. Each vessel will have a capacity of 90,000 cubic metres of LPG.
More vessel acquisitions
In January, Aygaz signed an earlier contract with HD Hyundai for the construction of a VLGC with a capacity of 52,000 tonnes (93,000 cubic metres).
Aygaz will pay $119mn for the vessel in instalments. The delivery is scheduled for 2Q28.
In 2024, Aygaz acquired an MGC (medium-size gas carrier) LPG vessel from UK-based Spires Marine for a consideration of $59mn.
Market leader in Turkey
Aygaz is the largest importer and distributor of LPG in Turkey under its Aygaz, Mogaz and Lipetgaz brands. It presently has a fleet of three vessels.
In 2025, Aygaz held a market share of around 26% in the Turkish LPG market, which saw annual demand of 4mn tonnes.
Aygaz, established in 1961, is a unit of Turkish conglomerate Koc Holding (KCHOL).
Bangladesh market entry
In 2021, Aygaz entered the Bangladesh market by acquiring a 50% stake in the United LPG unit of Bangladesh’s United Enterprise (Dhaka/UPGDCL).
The name of the company was changed to United Aygaz LPG Ltd.
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