Three major Greek shipowners have recently joined the rush to order Very Large Ammonia Carriers, placing orders for a total of eight newbuildings at Hengli Heavy Industry.

According to shipbuilding sources, George Procopiou's Dynacom Tankers Management, Kriton Lendoudis' Evalend Shipping, and Evangelos Marinakis' Capital Maritime & Trading have all ordered VLACs at the privately-owned shipbuilding powerhouse. Evalend has ordered four 93,000 cbm VLACs, while Dynacom and Capital have each ordered two.

Hengli Heavy Industry is expected to deliver the Capital and Dynacom VLAC orders in 2028, with Evalend's four vessels scheduled for delivery between 2028 and early 2029. Notably, this marks the first time both Dynacom and Capital have ordered this vessel type at Hengli Heavy Industry.

The contracts come amid a broader surge in VLAC ordering, as owners position themselves both for long-term ammonia transport demand and retain the flexibility to operate profitably in the LPG market.

While pricing has yet to be disclosed, Clarksons data indicates that a 91,000 cbm VLGC newbuilding is currently valued at approximately US$113.5 million, slightly down from US$114.5 million a year earlier. Adding ammonia fuel capability is estimated to increase the unit cost by around US$1 million.

Should this order be confirmed, it would mark Dynacom's debut in the VLAC/VLGC segment. Procopiou's previous forays into the gas carrier sector have been primarily channelled through his US-listed entity Dynagas.

For Capital, this latest order would double its VLAC orderbook to four vessels. The company already has two 93,000 cbm VLACs under construction at HD Hyundai Heavy Industries, ordered in 2023 at a reported unit cost of approximately US$116 million, with delivery expected in the first quarter of 2027.

Evalend has also been aggressively expanding its gas carrier fleet in recent years. According to VesselsValue data, the company ordered a cumulative total of seven VLGCs and seven VLACs at HD Hyundai-affiliated yards between 2021 and 2024.

Clarksons Intelligence Network data shows that ten VLAC/VLGC newbuilding orders were recorded in the first quarter of 2026, with a further 57 contracts signed from early April through last week. By comparison, full-year 2025 saw just 14 newbuilding orders, and 2024 recorded 57 for the entire year.

A Singapore-based shipowner commented that the acceleration in ordering is not surprising, pointing to the sharp rise in freight rates as the primary driver.

Ilyes Benmaamar, an analyst at Maritime Strategies International, believes the surge in VLAC orders reflects three key factors: elevated freight rates bolstering market confidence, persistently high VLGC newbuilding prices making the incremental cost of adding ammonia capability relatively marginal, and a favourable long-term outlook for ammonia trade.

Benmaamar notes that VLACs currently in service, as well as those scheduled for near-term delivery, are expected to trade primarily alongside conventional VLGCs in the LPG market until ammonia demand is sufficient to absorb the additional capacity. Against this backdrop, VLGC time charter rates reached a record US$63,800 per day in the second quarter of 2026, driven by disruptions in the Strait of Hormuz and congestion at the Panama Canal.

Fredrik Dybwad, an analyst at Fearnley Securities, observes that newbuilding activity has markedly accelerated in the wake of Middle East instability. He suggests the conflict may be prompting some owners to focus more intently on the growth of US export capacity, which, including flexible propane/ethane capacity, is projected to expand by nearly 50% by 2028 relative to a 2025 baseline. While the bulk of new orders is expected to cater to demand growth, he notes that fleet replacement requirements should not be overlooked.