LNG and LPG Vessels Market Booms

LNG and LPG carriers sector is thriving, according to the 83 LNG carriers and 116 LPG carries presently ordered. Although about 30 LNG carriers are contracted but not employed, there are enough project requirements for LNG to cover tonnage for delivery in 2014.

LNG Tsakos signed a letter of intent with Hyundai for one plus optional one 160,000 cu.m. units for delivery at the end of 2014 or 2015. Price is probably slightly above $200m million.

Four newbuildings have been ordered in the name of Brave Maritime, which will probably be executed by the subsidiary Stealthgas. Construction of two plus optional two 5,000 cu.m. and 6,500 cu.m. LPG units will be completed by STX Shipbuilding, respectively. Deliveries are scheduled to begin from the first quarter 2014. Prices for the two vessel designs were $19.8 million and $30.2 million each respectively. These vessels are the DIAMOND series designed by the owning company to high specification.

China is advancing with LPG construction. Anthony Veder, Netherlands returned to Avic Dingheng for two 4,500 cu.m. LPG/ethylene carriers priced at $22 million each, which are due to be delivered in June and December 2014.

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Shipbuilding Tribune Staff, April 6, 2012; Image: stxship