Monday, April 9, 2012

Gas carrier newbuild boom

LNG and LPG carriers newbuilding market is thriving even though 83 LNG carriers and 116 LPG carries are presently on order.

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 Heavy Industries for one plus optional one 160,000 cbm units for delivery at the end of 2014 or 2015. Price is probably slightly above $200m.

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 cbm and 6,500 cbm LPG units will be completed by STX Offshore & Shipbuilding, respectively. Deliveries are scheduled to begin from the first quarter 2014. Prices for the two vessel designs were $19.8m and $30.2m 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 cbm LPG/ethylene carriers priced at $22m each, which are due to be delivered in June and December 2014.

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