Petredec extends Jiangnan VLGC series

Petredec, the world’s second largest owner of LPG carriers, has extended a series of 84,000 cu m. VLGC orders at Jiangnan Shipyard in China by declaring an option for two additional units. No price has been revealed.

The vessels will be the third and the fourth units in the series and are due for delivery in the final quarter of 2019.

The options follow on from an initial order made this June at which point Petredec’s chief executive Giles Fearn commented: “[W]e are starting to see some consolidation within the VLGC sector, steadying owners’ returns and the market expects to see accelerated scrapping of older vessels which are less efficient, don’t comply with latest environmental legislation and are facing expensive dry docks.”

Fearn said it was vital that Petredec was not too dependent on third party tonnage providers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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