Petredec secures German funding for four handysize gas carriers

Petredec secures German funding for four handysize gas carriers

Singapore: Singapore-based LPG logistics giant Petredec has secured funding from Germany’s KfW IPEX-Bank on four 21,000 cu m handysize gas carriers.

KfW IPEX-Bank announced the $186.3m financing agreement today, with the gas and tank systems sourced from Germany’s TGE Marine accounting for EUR50.4m ($56.4m).

Mike Abbott, CFO of Petredec, commented: “KfW IPEX-Bank offered us a convincing overall financing package based of an innovative structuring idea. We are pleased to work with the German specialist financier as well as the German exporter who will contribute its technical expertise to the project. Both play an essential part in helping us expand our ship fleet, which is important to us.”

Giles Fearn, Petredec’s CEO, told Splash that the four vessels will be built at Jiangnan Shipyard, and were ordered a year ago.

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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