Avance Gas Holding Ltd. adds Transpetrol Gas Holdings Ltd. 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.