Avance Gas seals newbuild time charter with Petredec

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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