Knutsen Group is further accelerating the expansion of its LNG fleet with a new order placed at South Korea’s Hanwha Ocean, reinforcing what has become one of the most aggressive growth strategies in the LNG shipping segment.
Hanwha Ocean confirmed on Friday that it had signed a contract worth approximately $250m for a 174,000 cu m LNG carrier, scheduled for delivery by September 2029. Market sources indicated that the vessel is linked to an option previously held by Knutsen at the yard, underscoring the continuity of the partnership between the two companies.
With this latest addition, Knutsen’s orderbook at Hanwha Ocean rises to nine LNG carriers. Across its broader fleet, the group now operates or has under construction a total of 52 LNG vessels, including 40 in operation and 12 under construction, strengthening its position as a major global LNG player.
The new contract is part of a highly active expansion phase for the Norwegian owner. Over the past six months, Knutsen has emerged as one of the most active LNG shipowners globally, with nine new LNG carriers ordered since late December 2025, representing a combined capital expenditure of around $2.3bn.
According to company disclosures, initial yard instalments will be funded using Knutsen’s own resources, while the remaining construction costs are expected to be financed primarily through senior credit facilities.
Knutsen’s LNG strategy is built on long-term contracts with investment-grade charterers, providing strong earnings visibility while enabling continued fleet expansion. Most of the Hanwha Ocean programme is already secured under long-term charter agreements.
However, one vessel scheduled for delivery in 2029 remains unchartered, leaving a portion of optional flexibility within the group’s growing LNG portfolio, according to the latest financial reporting.
