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

Ship Sales

Japanese Sub Pitch puts off Australian Firms

Japan had been seen as frontrunner for Australian submarine deal, but Australian defence firms unhappy after talks with Japan. A Japanese consortium eyeing a A$50 billion ($35.

G E Shipping Takes Delivery of Bulker

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered

China’s Shipyards Face Tough Times

As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards

Finance

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price

Brent Crude Falls More than 7 Percent

Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived

Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender

Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday.   They said Gunvor would lift from 200,

LNG

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

TOTE’s 2nd LNG Containership Launched

Shipping company TOTE and shipbuilder NASSCO on Saturday launched Perla del Caribe, the second of two Marlin Class ships – the first containerships in the world to be powered by natural gas.

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators 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: 0.4054 sec (2 req/sec)