EMEA News
Two New Eco-LPG Carrier Orders for Greek Owner
Greek shipowner Stealthgas says it has exercised options for two eco-liquefied petroleum gas (LPG) carriers, which will be delivered in the second and third quarter of 2017, as part of an expansion plan.
The 22,000 cubic meter semi-refrigerated vessels will be able to load LPG with high ethane content, complementing the company's position in pressurised vessels.
The contracts also include an option to fit the ships with exhaust gas scrubbers and ice class notation.
The company plans to acquire a total of 19 newbuild LPG carriers for about $500 million, financing the deals with debt and available cash.
The additions are expected to bring the total value of Stealthgas's fleet to about $1.15 billion.
"Stealthgas is now the prominent owner of pressurised LPG ships worldwide, and with this expansion into handy-size vessels, and with a total of 19 of the most modern eco type LPG ships on order, Stealthgas will continue its carefully thought out expansion program to the ongoing benefit of its shareholders," said Chairman Michael Jolliffe.
Tanker company Stolt-Nielsen Ltd. said earlier this year that it expects increased exports of LPG from the U.S., as well as growth in traditional markets, to e "create healthy market conditions in this segment in years to come."
