Petredec secures loan to build six dual-fuel LPG ships

Gas transport and trading company Petredec has secured a $315 million loan, from a clutch of seven banks, to build six dual-fuel LPG Very Large Gas Carriers (VLGCs).

PHOTO: Petredec’s LPG tanker Saltram at sea. Petredec

The six 93,000-cbm VLGCs are being built by Chinese shipbuilder Jiangnan Shipyard (Group) and are expected to be delivered between this year and early 2024.

The vessels can run on both LPG and conventional marine fuels.

The use of LPG “will emit 23% less CO2 than their conventional non-eco equivalents while also generating 25% higher spot market earnings,” according to Singapore-headquartered Petredec.

Delivery of the six newbuilds will take the fleet-owner's VLGC count to 26.

Dutch banker ING was the coordinating bank, bookrunner and facility agent for the loan.

By Tuhin Roy

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