Hyundai Mipo Gains LPG Carrier Newbuild Order

Sir Ivor, a Stealth Gas-owned 5,000 cbm LPG carrier. Image: Stealth Gas

South Korea’s Hyundai Mipo Dockyard (HMD) announced today the winning of a newbuild order for a pair of LPG carriers. The order comes in at a total price of KRW 106.7 billion (USD $105 million).

TradeWinds reports the orders came from StealthGas, however we have been unable to independently verify that information.

Last month, StealthGas CEO Harry Vafias highlighted an underserved international 3000-7500 cbm pressurised LPG sector and his ambitions to gain at least a 25 percent market share in that sector.

“This is an opportune time to take advantage of the positive fundamentals in our core LPG sector, a low orderbook coupled with increasing product supplies coming out of the Middle East and the US that we believe will prove to be positive for the freight markets in the years to come,” commented Vafias.

StealthGas currently has 17 LPG carriers on order, all of which are scheduled to be delivered by the end of 2015.

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