Singapore-based gas shipowner and trader Petredec has established a UK handysize LPG carrier subsidiary, Fortitude Shipping.
The London-headquartered unit will control an 11-strong fleet between 21,000 cu m and 22,500 cu m with an average age of four years, comprising eight modern ethane/ethylene-capable vessels, two semi-refrigerated vessels and one fully refrigerated ship.
Fortitude will operate independently and focus on transporting ethane, olefins and ammonia in addition to Petredec’s core LPG trade.
“The majority of the Petredec Group’s verticals have each achieved a level of scale that now warrants operation as standalone business units to better focus on performance and growth,” remarked Petredec Group CEO Giles Fearn, adding that the business includes the second largest and youngest ethane/ethylene capable fleet in the sector.
