Evergreen drops $3 billion on LNG giants

In China, International Ship Network reports Evergreen Marine has placed a $1.4 billion order with Guangzhou Shipyard International for five LNG dual-fuel 24,000 TEU container ships, marking the yard’s first contract for vessels of this scale. This deal signals GSI’s entry into the ultra-large container ship market. Additionally, Evergreen has ordered six similar vessels from South Korea’s Hanwha Ocean for approximately $1.6 billion, bringing the total order value to $3 billion.

Clarkson data shows the price of ultra-large LNG dual-fuel container ships has risen to $275 million, a 4% increase from last year. GSI, which previously focused on tankers and bulk carriers, entered the container ship market in 2021 with an order for eight 16,000 TEU vessels from MSC.

The market’s interest in LNG fuel has been growing. Industry analysts note that green methanol remains in short supply, is significantly more expensive than conventional fuels, and is primarily produced in China, Northern Europe, and North America—far from key bunkering hubs like Singapore and the UAE. This uneven distribution increases transport costs, impacting its economic feasibility. In contrast, LNG has an established supply chain after years of development.

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