First of Petredec’s 93,000cbm LPG carrier series delivered

The remaining five vessels in the 230 metre long, 36.6 metre wide series will be delivered over the remainder of 2023 and in early 2024. 

The vessels are powered by dual-fuel MAN B&W ME-LGIP engines. The Motorship understands that the VLGCs are equipped with some of the largest dual-fuel ME-LGIP engines capable of operating on LPG as a fuel supplied by the engine manufacturer. 

The use of more efficient dual-fuel engines and the adoption of energy saving technology means that the new 93,000cbm vessels will emit 30% less CO2 than previous generation 84,000cbm vessels burning LSFO. 

Jiangnan Shipbuilding noted that the project was also noteworthy as it combined the conventional sea trial, the gas sea trial, and the gas test at the same time.

Petredec has a close relationship with Jiangnan Shipyard dating back to 2007, and over that time it has ordered 19 LPG/ethylene vessels. It took delivery of 4 x 84,000 cbm vessels from the yard in 2020. 

Petredec has a close relationship with Jiangnan Shipyard dating back to 2007, and over that time it has ordered 19 LPG/ethylene vessels. It took delivery of 4 x 84,000 cbm vessels from the yard in 2020. 

Syndicated Loan

Petredec announced on 27 April, the day after the delivery, that it had entered into a US$315 million syndicated loan agreement with seven banks, the proceeds of which will be used to fund a series of six dual-fuel 93,000cbm gas carriers capable of operating on LPG as a fuel.

Petredec Global noted that the six VLGC newbuilds are expected to generate 25% higher spot market earnings than conventionally fuelled equivalents.