Maritime company BW Group’s subsidiary has entered into shipbuilding contracts with Daewoo Shipbuilding and Marine Engineering (DSME) for four very-large gas carriers (VLGCs).
The total cost of the vessels will be around $290m and initial payments are to be met from free cash and the revolving credit facility.
BW LPG CEO Nicholas Gleeson said: "Whilst the exceptionally high rates of today are not likely to last forever, there are many years of anticipated growth in export volumes in this market, which elicits our desire to enhance our fleet and its capability.
"These contracts now provide us an opportunity to grow or renew our VLGC fleet in the coming years, without adding further to the new building fleet on order."
The vessels are expected to be delivered in the third and fourth quarters of 2016.
BW LPG chief executive officer Andrew Hoare said: "BW’s relationship with DSME has afforded this opportunity to us when it became available.
"We continuously strive to deliver the best LPG transportation solutions to our customers and our growing fleet continues to allow us to achieve this objective."
In September 2014, BW signed a contract with DSME to purchase two liquefied natural gas (LNG) carriers.
Built with eco-ship design and MEGI propulsion, the ships will be also be equipped with partial reliquefaction systems to enable low boil-off rates (BOR).
The LNG carriers will have the highest technical standards after with a series of BW upgrades. Delivery of the vessels is scheduled for late 2017 and early 2018.