Petredec adds six more at Hyundai Heavy

Singapore: The quick buildup of the world’s LPG fleet continues with news today that Petredec has further expanded its very large gas carrier (VLGC) newbuilding programme.

Petredec has ordered a further six VLGCs from Hyundai Heavy Industries (HHI); this is in addition to the four VLGCs already on order at HHI, and Petredec continues to hold an option to build a further two units. The new order brings Petredec’s confirmed owned fleet of modern VLGCs to 15 vessels.

The six newly ordered VLGCs will be delivered from the end of 2015. Each vessel will be placed on long term time charter to Shell for a period of 5-10 years.

Petredec chief executive Giles Fearn said, "Shipowning is an integral part of Petredec’s role as the LPG logistics leader, and to work alongside one of the world’s largest oil majors is an important milestone in the company’s history. We have been actively expanding and rejuvenating our fleet as part of our overall business investment program. The addition of these six units makes Petredec one of the largest owners and operators of VLGCs globally and underlines our confidence in the sector.”  [15/01/14]

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