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BW LPG enters into contracts for four new building VLGCs

  BW LPG Limited announced that it has entered into ship building contracts for four Very Large Gas Carrier (VLGC) newbuildings with Daewoo Shipbuilding and Marine Engineering (DSME).  Previously reserved by DSME’s existing client, these vessels are to be delivered in the third and fourth quarters of 2016.   Speaking about these contracts, Nicholas Gleeson, CEO of BW LPG, said, “Whilst the exceptionally high rates of today are not likely to last forever, there are many years of anticipated growth in export volumes in this market, which elicits our desire to enhance our fleet and its capability. These contracts now provide us an opportunity to grow or renew our VLGC fleet in the coming years, without adding further to the new building fleet on order.” The delivered cost of these vessels, including interest and other costs, is likely to be approximately USD 290 million. The initial payments under the contracts are to be met from free cash and the revolving credit facility.  Andrew Hoare, CCO of BW LPG, further commented, “BW’s relationship with DSME has afforded this opportunity to us when it became available. We continuously strive to deliver the best LPG transportation solutions to our customers and our growing ...

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Helios LPG Pool to start operations in April

  Dorian LPG announced the commencement of operations of Helios LPG Pool ("Helios LPG") on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte. Ltd ("Phoenix Tankers"), a 100% subsidiary of Mitsui OSK Lines Ltd. Helios LPG will be operated out of offices in London and Singapore. Helios LPG currently will operate eight VLGCs on the water, including four of Dorian LPG's VLGCs: Corvette, Corsair,Captain John NP and Captain Nicholas ML, of which two are ECO vessels. John Hadjipateras, Chairman of Helios LPG, commented, "With the combined management team and fleet that Dorian LPG and Phoenix Tankers have committed to the pool, we are confident that Helios LPG will offer the most flexible LPG transport solutions worldwide while also maintaining the highest standards of safety, reliability and trouble-free transportation solutions." Tetsuro Ishiura added to John Hadjipateras' comments by stating, "We are very optimistic about this partnership and the opportunities it presents. Together we have formed a first class modern ECO VLGC pool that will serve as a leader in LPG transportation worldwide." Source and Image Credit: Dorian LPGIn the starting, I was straightforward with you propecia before and after has changed my life. It has ...

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NYK and Astomos Energy conclude time-charter contract for new VLGC

On February 27, NYK concluded a time-charter contract for a new VLGC (very large gas carrier) with Astomos Energy Corporation. The new VLGC will be built by Mitsubishi Heavy Industries (MHI) and delivered in the second quarter of 2017. NYK will charter the vessel from Kyoei Tanker Co. Ltd., and from its delivery, the vessel will be assigned to a service designated in a five-year time-charter contract with Astomos. Astomos' new medium-term plan, which starts from fiscal 2015, calls for an increase in LPG handling volume from the current 10 million tons/year to 12 million tons/year by 2017. Astomos plays an important role in the LPG business field, which is expected to continue to grow, particularly as progress is made on new LNG projects in the Middle East, the United States, West Africa, and Australia. This is the 11th VLGC for Astomos, and NYK will continue to reinforce its close, long-term relationship with the energy company. Source: NYK Line / Image Credit: MHI  In the origin, I was explicit with you propecia before and after has changed my existence. It has become much more fun, and now I have to run. Just as it is incredible to sit.

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Dorian LPG takes delivery of the ECO VLGC "Corvette"

Dorian LPG Ltd. owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported that on January 2nd it took delivery of the ECO VLGC "Corvette" from Hyundai Heavy Industries. "Corvette", Dorian's third newbuilding delivery, will initially trade in the spot market and is the first of 15 deliveries that the Company expects in 2015. Dorian LPG currently owns and operates six modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has 16 ECO VLGC newbuildings under construction, worth USD 1.36 billion. Source and Image Credit: Dorian LPGIn the beginning, I was outspoken with you propecia before and after has changed my life. It has become much more fun, and now I have to run. Just as it is incredible to sit.

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Future of LPG shipping hinges on North American weather

LPG exports are so dependent on the severity of winter in North America that all eyes are on the weather, as it hit demand for very large gas carriers (VLGCs) last year, according to the latest edition of the LPG Forecaster, published by shipping consultancy Drewry. Last year a shortage of propane in many areas of the US led to a steep price rise, closing the price differential between US exports and the rest of the world. This caused a large drop in export demand with many cargo cancellations. Demand for the first quarter in 2014 was 10% lower than that of the fourth quarter of 2013. “Although the use of LPG in residential heating in the US has been declining because of abundant natural gas, 14 million tonnes of LPG is consumed every year for domestic heating in addition to 2.2 million tonnes for crop drying,” said Shresth Sharma, Drewry’s LPG shipping practice analyst. This year export demand has recovered. The US exported 4.1 million tonnes of LPG during the third quarter (see graph above), up 28% on the same period last year, registering a record high of 1.5 million tonnes in July. Much of this is destined for ...

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