Singapore’s Petredec, one of the largest movers of LPG in the world, has placed an order at CSSC’s Jiangnan Shipyard for the construction of up to four 22,000 cu m ethylene carriers as part of its fleet expansion programme.
The newbuilding contract includes a firm contract for two vessels and an option to build a further two units.
The first two vessels are scheduled for delivery during the third quarter of 2021 and the optional vessels, if taken, would be delivered in the second quarter and fourth quarter in 2022 respectively.
“Petredec views this most recent order as a sign of our commitment to the sector and strong belief in the growing petrochemical market. Our company has always successfully operated in a hybrid manner, part trader, part ship owner and this new order positions us as one of the largest single owners within the sector. This will provide our chartering customers the best possible service both in the spot market and longer term charter opportunities,” said Giles Fearn, chief executive of Petredec.
Over the past 10 years, Petredec contracted a total of 12 LPG/ethylene vessels at Jiangnan Shipyard. The company currently has four scrubber-fitted VLGCs under construction at the yard.
Petredec moves over 10m tons of LPG annually on a fleet of over 60 owned and chartered vessels.