World News
Petredec Orders Eco-VLGCs
Liquefied petroleum gas (LPG) trading firm Petredec Limited (Petredec) has ordered up to four fuel-saving "eco-design" very large gas carriers (VLGCs) from Hyundai Heavy Industries (HHI) of South Korea, Platts reports.
The company has firm orders for two of the 84,000 cubic meter capacity ships and has an option to order two more.
The ships, due for delivery in 2015 and 2016, will be the first using an HHI design with features intended to improve performance and reduce fuel consumption, and they will receive an "Eco" notation from Lloyd's Register.
"These ships will usher in a new era at Petredec, as we upgrade our fleet to further enhance efficiencies and economy of our operation," said Giles Fearn, Petredec's chief executive.
"We are already amongst the biggest operators of VLGCs worldwide and this order further cements that position."
The ships will include Hyundai-MAN ME engines and cargo plants designed by Babcock LGE Process, featuring a vent cool system to reduce power use and allow for faster cargo loading.
The vessel design is intended to create less friction as the ships move through waves.
Petredec now owns 19 LPG carriers, including 11 with a capacity of less than 25,000 cubic meters, according to its website.
The company said the new orders will help it upgrade its fleet and handle rising LPG supply.
Drewry Maritime Research reported last month that rising demand for LPG led to a doubling in the average size of LPG carriers ordered between 2010 and 2012.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
Popular Now More
-
Apr 23Initial Ship & Bunker analysis shows ships would need to use between 17.6% and 23.3% biofuel in B100 terms to avoid penalty charges in 2028. -
Apr 24Suppliers in South Korea are already shifting to the use of MFMs, and barge fees are likely to rise in the country as a result, a local source tells Ship & Bunker. -
Apr 25Ship & Bunker's latest global average bunker price forecast shows a signifcant drop in expected average prices compared to just 3 months ago.