Petredec to Order Up to Four Ethylene Carriers from Jiangnan

21,220 cbm ethylene vessel EllingtonEllington; Image Courtesy: Petredec

Singapore-based Petredec Holdings (Eastern) has revealed its plans to order up to four ethylene capable 22,000 cbm units from Jiangnan Shipyard.

As part of its fleet expansion move, the company agreed a contract for the construction of two Handysize ethylene carriers, with the option to build a further two units.

The first two vessels are to be delivered during the third quarter of 2021, while the optional vessels, if taken, would join Petredec’s fleet in the second and fourth quarters of 2022, respectively.

“Petredec views this most recent order as a sign of our commitment to the sector and strong belief in the growing petrochemical market. Our company has always successfully operated in a hybrid manner, part trader, part ship owner and this new order positions us as one of the largest single owners within the sector,” Giles Fearn, Petredec Chief Executive, said.

Over the past 10 years, the company contracted a total of twelve LPG/ethylene vessels, including four 21,200 cbm ethylene capable vessels and four scrubber-equipped VLGC’s, at Jiangnan Shipyard.

In April this year, Petredec agreed to sell four LPG carriers to Singapore-based gas carrier owner and operator Epic Gas for USD 106.5 million. In July, Epic Gas confirmed it completed the acquisition of the first two vessels, the 11,000 cbm Kahyasi and Kris Kin.

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