The new vessel will be for the same shipping line as the last three ships ordered last year, and it will be equipped with a desulfurization unit that can pass through both new and old Panama Canals and can also respond to IMO 2020 SOx regulations.
In addition, the line has continued to attract market attention because it has a competitive edge capable of shipping about 5% more cargo than the existing VLGC (75,000-80,000 CBM), which can pass through the old Panama Canal.
The company is pursuing a fleet expansion by presenting a new paradigm in the LPG transportation market by providing a comparatively superior transportation service through the new VLGC fleet.
The contract will hold a total of 15 LPG fleets (12 VLGCs and 3 MGCs) and will become the world’s fifth-largest LPG carrier.
The new vessel is scheduled to be delivered in the second quarter of 2021, and will be put into a long-term transportation contract with BGN Group, a European-based energy company signed on November 1, last year. Since last year, including 1 ship for VILMAR OIL and 3 vessels for BGN Group, a total of four new VLGC long-term shipping contracts were signed, and sales are expected to increase to about W23bn per ship (total of W92bn).
The company official also said, “We are still discussing additional shipping contracts and tenets with the charterers who are interested in the market.”