Avance Gas Holdings Expands VLGC Fleet

Thursday, June 28, 2012

Avance Gas Holding Ltd. adds Transpetrol Gas Holdings Ltd. as a shareholder and expands its Very Large Gas Carrier fleet

Stolt-Nielsen Limited announce that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings Ltd. and 
Stolt-Nielsen Gas Ltd. has reached an agreement with Transpetrol Shipping Ltd. (Transpetrol) whereby Transpetrol will sell its two very large gas carriers (VLGC) to AGHL in return for cash and 33 1/3 equity ownership of AGHL.

It is expected that the two new ships, Prospect and Progress, both delivered in 2009, will join the AGHL fleet in early July.

With Prospect and the Progress, the Avance Gas fleet will consist of nine VLGCs, including the two ships to be acquired from Maran Gas Maritime Inc.  The Avance Gas fleet trades mainly in the spot market, loading in the Middle East for destinations primarily in Asia.

Commenting on the transaction, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said: "We are pleased to have reached this agreement with Transpetrol which is another step in AGHL's stated strategy of consolidating the VLGC market through mergers and acquisitions of second hand ships.

 As the fundamentals for the transportation of LPG continues to look favorable for the next several years we believe the strategy to focus on second hand tonnage with prompt delivery versus ordering new ships for delivery several years in the future, will offer a better return to the joint venture partners."


Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Azerbaijan to Get New Passenger Vessel This Year-end

Azerbaijan Caspian Shipping Company  expects to get the first of the three passenger vessels being built currently at the Baku Shipbuilding & Repair Plant (Baku Shipyard LLC) until the end of 2015,

Supramx Ship Delivered to Seanergy

Dry Bulk shipping company Seanergy Maritime Holdings Corp. announced today the delivery of a 56,819 dwt Supramax dry bulk vessel, renamed M/V Gladiatorship.   The vessel,

Korean Shipbuilders in Red

South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships.


Dry Bulk Shipping Turmoil Set to Extend into 2016

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday.

India Extends Tax Benefits on Bunker Fuel

India has extended the benefit of nil custom and production tax on bunker fuels to domestic coastal movement of containers, in a move to decongest its roads and reduce carbon emissions,

Ivory Coast Starts Construction of Abidjan Port Upgrades

Ivory Coast began construction on Tuesday of a four-year, 560 billion CFA franc ($962 million) project to build a second container terminal and widen the canal


GTT Inks Framework Partnership Deal with CERN

GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has signed a Framework Partnership Agreement

LNG Tanker Smash Sinks Cargo Ship

The 2002-built, 8,850-dwt freighter Flinterstar is owned by Dutch shipping firm Flinter has sank after colliding nearly head on with the Marshall Islands-flagged

Finland Scraps LNG Terminal Plan

Finnish gas utility Gasum has abandoned its plans to build the Finngulf liquefied natural gas  (LNG) import terminal in Finland with an offshore pipeline connection

Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1297 sec (8 req/sec)