Bulker owner and operator Jaldhi Overseas is moving into the gas segment with an order of two midsize LPG ships.
Speaking to TradeWinds, Jaldhi president and chief executive Suresh Kumar confirmed his company has ordered two 40,000-cbm dual-fuelled midsize gas carriers at China’s Jiangsu Yangzi-Mitsui Shipbuilding Co (Yamic), a tie-up between Yangzijiang Shipbuilding and Japan’s Mitsui E&S Shipbuilding.
Kumar said Jaldhi is very bullish on India’s gas consumption growth pattern. The country is the second-largest importer of LPG after China and a significant importer of ammonia as well.
“But where we see opportunities going forward is green ammonia,” Kumar said.
“We see a lot of traction that is coming in India and various industries prepping up for the export of green ammonia ... setting up plants, setting up facilities which will lead to the export of green ammonia.”
Established in 2004, Jaldhi is a subsidiary and the shipping arm of Bothra Group in India. The parent company operates five terminals, including one coal facility in Paradip. It is also involved in freight forwarding and is a logistics service provider for containerised cargo.
Kumar said the group company has been following the growth in India’s gas industry and is going to be engaged in some projects.
“We are trying to do a port project with facilities to store and distribute LPG as well as merchant trade of green ammonia,” Kumar said.
“It is something that is on our mind to get into this LPG and ammonia segment — more to do with the green ammonia export and import of LPG.”
Jaldhi did not disclose the price of the dual-fuel midsize gas carrier newbuildings at Yamic, but shipbuilding players believe the company is paying around $67m per ship. The joint-venture yard is scheduled to deliver the pair of newbuildings in May and August 2027.
Kumar said Jaldhi does not hold any vessel options at Yamic. But should it require more ships, he believes the shipbuilder will be able to help with its requests based on the relationship and the projects that it has there.
He added that Jaldhi is looking at further growth in the gas sector and to collaborate with partners and companies that are interested in the opportunities.
“What we are doing today is a step in that direction, and probably then we will start to explore opportunities of collaborating and creating some sort of synergies between like-minded companies to play an active part in that segment [gas sector],” Kumar said.
Jaldhi was never really active in the shipbuilding market. But it started ordering newbuildings last year as part of the company’s fleet-renewal and diversification programme.
It contracted Yamic to build four 66,000-dwt ultramax bulkers and six MR tanker newbuildings to be delivered between 2024 and 2026.
It is also scheduled to take delivery of one 64,000-dwt bulker newbuilding from Nantong Cosco KHI Ship Engineering Co in June next year.
Predominantly a bulker player, Jaldhi focuses on ships between 64,000 dwt and 86,000 dwt. It also owns one stainless-steel chemical tanker, which has joined the Womar pool.
