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Petredec extends Jiangnan VLGC series

Petredec extends Jiangnan VLGC series
Petredec, the world's second largest owner of LPG carriers, has extended a series of 84,000 cu m. VLGC orders at Jiangnan Shipyard in China by declaring an option for two additional units. No price has been revealed.

The vessels will be the third and the fourth units in the series and are due for delivery in the final quarter of 2019.

The options follow on from an initial order made this June at which point Petredec's chief executive Giles Fearn commented: ''[W]e are starting to see some consolidation within the VLGC sector, steadying owners' returns and the market expects to see accelerated scrapping of older vessels which are less efficient, don't comply with latest environmental legislation and are facing expensive dry docks.''

Fearn said it was vital that Petredec was not too dependent on third party tonnage providers.

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