Petredec Pte Ltd (“Petredec”) announced that its wholly owned subsidiary Fortitude Shipping Pte Ltd (“Fortitude”) is expanding its fleet with the addition of up to four ethane/ethylene-capable handy-size vessels with a carrying capacity of 24,000 cubic metres.
Fortitude has agreed a contract with Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd. (“CIMC SOE”) for the construction of two handy-size 24,000 cbm vessels delivering in March and July 2026, with an option to build a further two units.
The vessels will be built to Fortitude’s industry-leading specification with a higher cargo intake, a marked reduction in consumption and will be fitted with an exhaust gas cleaning system and a shaft generator. The order further reduces the average age of Fortitude’s ethane/ethylene-capable fleet that is already the youngest and most fuel-efficient within the sector.
Petredec Chief Executive Giles Fearn commented:“Petredec is delighted 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.”
Petredec was founded in 1980 in Northwest Europe but now has a presence across six continents and is an integrated LPG company. The owner of the second largest fleet of very large gas carriers (VLGCs), made up of around thirty modern vessels, unveiled Fortitude in November last year with an 11-strong fleet between 21,000 cu m and 22,500 cu m and an average age of four years.