Two more for GASS

Greek owner StealthGas (GASS) has added two more LPG carrier newbuildings in Korea, bringing its orderbook to 19 vessels.

The US-listed company said the 22,000-cbm ships were options declared at an unnamed shipyard.

Delivery is set for the second and third quarter of 2017.

The only vessels that match the size in its orderbook are four 21,850-cbm ships due from Hyundai Mipo in 2017, according to Clarksons.

The owner said: “The company expects that the acquisition of these larger semi-refrigerated eco LPG carriers that can load LPG with high ethane content, will complement well its already leading position in pressurized vessels."

GASS has the option to fit exhaust scrubbers and add ice-class notation.

Its capital expenditure for all the new ships is $500m, to be funded through debt and cash.

The fleet will be worth $1.15bn on full delivery.

Chairman Michael Jolliffe said: "StealthGas is now the prominent owner of pressurised LPG ships worldwide, and with this expansion into handy-size vessels, and with a total of 19 of the most modern eco type LPG ships on order, StealthGas will continue its carefully thought-out expansion."