FGAS adds two more LPG carriers to growing fleet

Hanoi-based FGAS Petrol continues to expand its LPG carrier fleet, with acquisition deals recently concluded with Epic Gas of Singapore and Seamanship of Thailand.

FGAS has bought the 5,029-cbm Epic St John (built 1998) from Epic, while it has acquired the 3,500-cbm Sea Sawasdee (built 1995) from Seamanship.

While no pricing details have been disclosed, broking sources estimate that the Epic St John would be worth around $4.25m and the Sea Sawasdee about $2.25m.

TradeWinds was unable to make contact with FGAS this week but the deals were confirmed by the respective sellers, who noted that the ships would be delivered to their new owner in March.

The purchases bring the number of small LPG carriers in the FGAS fleet up to nine ships. It has been adding two to three vessels each year over the past three years.

Privately owned FGAS has close ties to Nhat Viet Transportation, an offshoot of PV Trans, which is the shipping arm of state-owned petroleum giant PetroVietnam. All of the company’s LPG carriers are managed and operated by Nhat Viet, which also has its own owned fleet and charters in ships from a variety of Vietnamese owners.

Two handysize bulkers that FGAS purchased in 2016 are also operated by PV Trans.