Latsco Shipping leads uptick in LPG newbuildings

London: A number of shipping companies have placed orders for LPG carriers in the past week on the back of long-term employment contracts, according to Fearnleys.

The Oslo-based shipbroker revealed in its market report that Greece’s Consolidated Marine Management, part of Latsis-controlled Latsco Shipping, paid $70m each for the two 60,000-cbm LPG carriers it ordered at Hyundai Heavy Industries last week.

Including this Latsco order, the world LGC (LPG carriers of between 50-69,999 cbm) orderbook now stands at five vessels, the report notes.

Also in the last seven days, Japan’s Kyoei Tanker ordered a 83,000-cbm VLGC from compatriot shipbuilder Mitsubishi for an undisclosed sum. Delivery is slated for Q2 2017, Fearnleys says.

Hyundai Mipo won a $52m order for a 38,000-cbm LPG ship from South Korea’s KSS Line for delivery in early 2017.

India’s Global United Shipping ordered two 38,000-cbm gas ships from Japan’s Hanjin yard for a price of $52.5m per unit. The vessels will hit the water in early 2017, according to the broker’s report.

Last week, Global United’s compatriot Shipping Corporation of India revealed exclusively to Splash it intends to acquire two second-hand LPG carriers before the end of this year.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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