LPG shipping company Petredec’s Fortitude subsidiary will be expanding its Ethane/Ethylene-capable fleet with an order for up to four handy-size vessels from Chinese shipyard Nantong CIMC Sinopacific Offshore and Engineering (CIMC SOE).
Fortitude’s order means two of the vessels, which will have a carrying capacity of 24,000 cubic metres, will be delivered in March and July 2026 with an option to build two more.
Petredec Chief Executive Giles Fearn said: “Petredec is delighted to establish a relationship with CIMC SOE and to consolidate Fortitude’s leading market share by expanding its ethane/ethylene-capable fleet.
“The ethane/ethylene sector is well positioned to benefit from the favourable fundamental tailwinds of strong, visible export capacity expansion in the U.S. Gulf Coast and restricted fleet growth over the next five years.”
The vessels will be fitted with an exhaust gas cleaning system and a shaft generator and will continue the company’s tradition of naming its ships after Epsom Derby and Grand National winners with the names Emblematic and Eleanor.
Gao Wenbao, CEO of SIMC SOE, said his company was looking forward to working closely with the shipping company, he said: “Petredec has a long, successful history of building high quality vessels in China and we are delighted that they have placed their trust in CIMC SOE.”
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In addition to expanding the number of vessels in its fleet, Petredec also highlighted the fact that the new vessels would bring down the average age of Fortitude’s already young fleet, which it describes as one of the largest and most versatile Ethane/Ethylene-capable fleets in the world.