Eletson Gas, Evergas to Form LPG Alliance

Seaborne transporters of liquefied petroleum gas, the Greek Eletson Gas and Danish Evergas, have decided to form an alliance that will trade the companies’ semi-ref/ethylene capable vessels.

To be called the E3 Pool, the new venture, which will commence trading on January 30, will control the 15-strong fleet of gas carriers that are currently trading.

A further four vessels, scheduled to be delivered to Eletson over the next twelve months, are also set to join the new venture.

“A larger fleet will provide more flexibility and more options for charterers, reduce voyage related expenses through optimization of voyages and thereby reduce greenhouse gas emissions as a direct consequence of using less fuel for cargo movements,” Evergas said.

“The petrochemical market has a number of established trade routes that require critical mass to service properly. The cooperation with Evergas in the context of the E3 pool will give us the ability to offer our customers the high level of service and the optionality that they require,” Vassilis E. Kertsikoff, Chairman & CEO of Eletson Gas, said.

Eletson Gas currently operates a fleet of five MGCs, two Handymax and five Handysize ethylene-capable vessels. The company has four Handysize ethylene capable vessels on order, scheduled for delivery in 2017 and 2018.

Evergas’ fleet consists of six 5.000 cbm pressurized vessels, nine 12.000 cbm semi-ref/eth vessels and eight 27,500 cbm multigas LNG carriers.

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