Shanghai: Eletson Holdings has formed a joint venture with funds managed by Blackstone Tactical Opportunities to create Eletson Gas, a $700m liquefied petroleum gas shipping company.
As part of the agreement, Eletson Gas has announced the signing of newbuilding contracts for eight vessels – five 12,000 cu m ethylene-capable semi refrigerated vessels with Korea’s Hyundai Mipo Dockyard and three 22,000 cu m ethylene-capable semi ref vessels with China’s Sinopacific Offshore & Engineering as well as the acquisition of a 22,000 cbm second hand semi ref vessel.
Additionally, Eletson Gas holds options for two additional 22,000 cu m vessels at Sinopacific. All eight new-build vessels are scheduled for delivery in 2015 and early 2016. [24/10/13]