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Petredec firms two more VLGCs at HHI

Petredec firms two more VLGCs at HHI
Petredec today announced that it has exercised an option at Hyundai Heavy Industries (HHI) for two VLGCs.

The latest orders brings the company's VLGC orderbook to 12 units.

Petredec chief executive Giles Fearn stressed the security of the orders, despite the apparent high volume of ships on order. "We have a VLGC capex programme of over $800m, however all of the ordered ships have committed employment, either under long term time charter to third parties, or as part of our own LPG trading platform. We have no speculative VLGC orders."

The company ordered six ships in January at the same yard with five to ten year charters with Shell in hand.

Competitor Scorpio Tankers is also betting big on LPG, with an order of up to ten ships totalling a possible $740m at Hyundai Samho.