Belgian shipowner is in talks with shipbuilders about shifting two pioneering VLGC newbuildings that are now cancelled at cash-strapped Hanjin Heavy Industries & Construction Philippines in Subic Bay.

Exmar chief executive and managing director Nicolas Saverys said the company will be ordering the two 80,200-cbm ships elsewhere, saying there are several yard options for the vessels.

He was speaking to TradeWinds from Asia, where he said he is working on finalising the deal.

Yard options

Brokers have suggested that either China’s Jiangnan Shipyard or Hyundai Heavy Industries in South Korea are the yards best placed to take on newbuildings.

Exmar contracted two 80,200-cbm VLGCs in March 2018 against charters with Norway’s Equinor.

There has been no word as to whether the charters with Equinor remain in place.

The ships, priced at $70m, were the first to be contracted with propulsion systems capable of using LPG as fuel. They were also the first VLGCs for the Philippines-based yard, which had been concentrating on aframax tanker business.

The pair were due for delivery dates in 2020.

But the Subic Bay yard has effectively been declared bankrupt, filing for rehabilitation in January and suspending all activity.

This month, South Korean parent Hanjin Heavy Industries & Construction was reported to have agreed a debt restructuring deal for its Philippines shipyard.