John Fredriksen-controlled VLGC shipowner Avance Gas has sealed a two-year time charter for dual fuel VLGC Avance Capella to Singapore-based LPG trader and shipowner Petredec.
The vessel will commence the charter after delivery from South Korean yard DSME at the end of February 2022. The charter has a mechanism which gives both parties exposure to the spot market rate.
“This transaction is another step in executing on our strategy to increase our time charter portfolio while also maintaining access to the market upside,” the company said in a release.
Avance Gas currently has 13 VLGCs on the water with another six on order.