SeaKapital taps into LNG bunker market with six-unit strong order at Chinese yard

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, as per Greek shipbroker Intermodal.

Hong Kong’s offshore LNG terminal; Illustration only. Courtesy of MOL

As noted, SeaKapital has booked two firm 20,000 cbm LNG bunker ships, with options for two additional pairs, bringing the combined potential order to six units. The price of the contract has allegedly been valued at $516 million, i.e. an estimated $86 million per vessel.

The two newbuildings are scheduled to be turned over to their owner sometime during 2027, Intermodal data showed.

With the maritime industry steadying its course toward net zero, the demand for alternative fuels such as liquefied natural gas has continued to grow.

According to a January 2025 report by industry coalition SEA-LNG, there was an annual rise of 33% within the LNG-fueled vessels segment; to be precise, the upward trend of these units accounts for as much as 70% of alternative-fueled tonnage ordered in 2024.

SEA-LNG’s analysis also proposed that the demand for these ships could double by the end of the decade.

SEA-LNG: LNG-powered fleet will reach more than 2,000 vessels as demand grows

Vessels

At the same time, the bunker market in Asia has experienced ‘balanced’ growth. China, for example, is estimated to have sold 6.6 million tons of very low sulfur fuel oil (VLSFO) in 2021, a 62% jump from the same period the previous year, while MPA Singapore unveiled that its biofuel blend sales had gone up from 0.5 million in 2023 to 0.88 in 2024.

Hong Kong has also endeavored to establish itself as a hub for LNG bunkering services. As understood, to support this vision, Hong Kong’s CLP Power embarked on a project with the China National Offshore Oil Corporation (CNOOC) in December 2024, aiming to develop liquefied natural gas bunkering services within the port of Hong Kong.

This initiative is believed to be in line with the Hong Kong government’s “Action Plan on Green Maritime Fuel Bunkering”, unpacked in November 2024. The plan outlines strategies and actions to promote the use of low-carbon and net-zero fuels and the development of Hong Kong into a “high-quality” green maritime fuel bunkering center.