Greek owner Eletson Gas is converting an order for two midsize LPG carriers into two 12,000-cbm ethylene carriers at South Korea’s Hyundai Mipo Dockyard (HMD).
Company sources confirm the swap and say the reason is market-linked.
Brokers suggest it could be a smart move in the short term because of the way this midsize market is being influenced by depressed very large gas carrier (VLGC) rates, whereas ethylene ships are enjoying healthy rates.
