On March 8, Singaporean shipowner Petredec Holdings (Eastern) announced the execution of an alternative order with Jiangnan Shipbuilding for three additional 93,000 cbm dual-fuel VLGCs, with the new vessels expected to be delivered in June, August and September 2023.
Petredec had ordered 3+3 93,000m3 VLGCs at Jiangnan Shipbuilding in November last year, using Jiangnan's self-developed and designed fourth-generation VLGC boutique vessel type (Panda 93P). This vessel is the fourth generation of Jiangnan's proprietary line type (VS-Bow MK-IV), which has excellent and balanced performance under full load, ballast and different specific gravity liquid cargo loading conditions. During the development process of this vessel, Jiangnan Shipbuilding and DNV GL cooperated deeply to optimize the vessel for the typical wave spectrum of major operating routes, so as to achieve the best balance between comprehensive performance and operating economy.
While keeping the main scale of the ship unchanged, the ship adopts an innovative hull structure and an innovative and optimized A-berth cabin type to achieve a capacity of 93,000 cubic meters, which ensures that the cargo capacity in port exceeds that of the ship under construction even though LPG is used as fuel throughout the main routes. The vessel is equipped with a MES (MAN B&W Energy Solutions) latest generation dual fuel (LPG as Fuel) main engine and a shaft generator driven by the main engine, so that the overall emissions of the vessel will be minimized in the future operation. 93,000 cbm VLGC is a "future type" green vessel. It is the largest dual-fuel VLGC in the world, and its speed, fuel consumption and other comprehensive economic and technical performance indicators are at the leading level in the industry.
It is understood that Petredec, headquartered in Singapore, owns 21 VLGCs and is the second largest VLGC owner in the world. With the delivery of four 84,000 cbm VLGCs with desulfurization towers to Jiangnan Shipbuilding in early 2020, the average age of its VLGC fleet has dropped to the lowest in the industry (3.5 years).
Petredec is a global company integrating shipping company, trading company and downstream logistics. With a fleet of over 60 LPG vessels owned and chartered, Petredec is able to trade/transport an average of 10 million tons of LPG per year, while its business in bulk wholesale of LPG goods, logistics and downstream industry is spread across Africa and the Indian Ocean region, marking Petredec as a Petredec is a truly global integrated shipping, trading and downstream logistics company.
Petredec and Jiangnan Shipbuilding have built a high level of trust and friendship over the past ten years of cooperation. This order once again strengthens the foundation of the cooperation between the two companies (22 LNG vessels, of which 12 have been delivered and 10 are under construction) and expands Petredec's VLGC fleet to 27 vessels, not only consolidating its position as the second largest VLGC owner in the world, but also making its operating fleet the youngest in terms of average age; while Jiangnan continues to hold the top position in the world with 21 Jiangnan continues to top the global VLGC handheld order list with 21 vessels, accounting for approximately 48% of the market share.
Giles Fearn, CEO of Petredec Group, said: "We are delighted to continue to expand our fleet with our partner Jiangnan Shipbuilding. The initiative to reduce carbon emissions from shipping has gathered strong momentum since our initial order placed in November 2020. This is a subject that we at Petredec take very seriously, as evidenced by the orders for these next generation vessels." Petredec aims to cut CO2 emissions by 40% by 2030.
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