Japanese Yards Win LPG Carrier Newbuild Orders from Petredec

manifesto lpg carrier petredec
The 82k cbm Manifesto, one of 11 fully-refrigerated VLGCs owned by Petredec. Built by HHI in 2013.

Petredec, the Singapore-based LPG shipping firm has announced plans to expand their fleet of over 50 gas carriers with a newbuild order recently signed with Japanese yards Sasaki Shipbuilding and Kyokuyo Shipyard.

The value of the order was not disclosed in the statement on their website, however four 11,000 cbm pressurized vessels are to be constructed at the two yards with deliveries evenly spread through 2015. This order takes Petredec’s fleet of 11,000 cbm vessels to a total of six, adding to its existing units Keswick and Kendal.

Giles Fearn, Petredec’s Chief Executive said “We are extremely pleased to have completed this sizeable order for vessels that will be by far the best in class. The extra cargo capacity and superior speed and consumption, compared with the existing (large Pressurized) fleet, gives Petredec a huge competitive advantage. With the continued and rapid expansion of LPG exports we see the 11,000cbm’s as our Pressurized work horses, allowing us to not only optimize within existing trade routes but also break bulk and service our customers globally”

There are some however, who believe that the LPG shipping rush, accelerated by the growth of shale gas production in North America may be reaching it’s peak. In a Bloomberg report last month, “The widened Panama Canal will cut costs to ship U.S. cooking and heating gases to Asia by shortening voyages, effectively lowering tanker demand just as yards build more of the ships, according to Joachim Grieg & Co.”