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Oriental Petroleum to build eight new gas carriers

Oriental Petroleum to build eight new gas carriers
China’s Oriental Petroleum (Yangtze) Limited will build eight 50,000 dwt gas carriers at a total investment of not more than $120m, as it seeks to cater to its expanding seaborne trade for propane.

The new fully refrigerated ships, scheduled for deliveries between December 2017 and June 2018, will be long term chartered to Oriental Energy, which it owns a majority 23.5% stake.

The charter rates for the eight gas carriers combined are not expected to exceed $80m in a year, according to Oriental Energy.

Oriental Petroleum said that from 2016 when it increases its production, the company will need to expand its propane seaborne transportation capacity by 1.5m tonnes per year.

The announcement by Oriental Energy did not disclose the shipyard that will be constructing the new gas carriers.