Indonesia’s Pertamina has emerged as the buyer that paid a huge $240m to acquire two VLGCs from Avance Gas.
Brokers said the state energy company moved for the 91,000-cbm dual-fuel resales Avance Castor and Avance Pollux last week.
The ships are due from Hanwha Ocean in South Korea in March and May 2024.
Pertamina already has three VLGCs built in 2013, 2014 and 2021. They are worth a combined $262m, according to VesselsValue.
Last year, Pertamina said it was plotting a $3bn fleet renewal and diversification scheme.
The cash will be spent over the next four years to lower the average age of its tankers and LPG vessels, and enter the LNG carrier arena.
Vessel operating unit Pertamina International Shipping controls more than 400 ships, including three VLCCs.
The VLGC sales represented a huge profit of $73m for John Fredriksen’s Avance Gas and illustrated the huge jump in gas carrier asset values since the units were ordered in 2021.
An extra $3m has been spent on each ship to enable ammonia loadings, as well as allowing them to run on the zero-carbon fuel when it is available.
Avance Gas retains four 40,000-cbm LPG carrier newbuildings in China for delivery in 2025 and 2026. It has 13 operational VLGCs.
Pertamina has been contacted for comment. Avance Gas is not commenting.
In the summer, Pertamina lined up long-term charters with global energy players for four LPG carriers worth a combined $49.3m.
It said the fixtures were part of commercialising its shipping operations and increasing revenue channels in international markets.
Included in the fixtures were two 2011-built handysizes of 22,500 cbm each, with Geogas Trading chartering the Gas Walio and Vitol taking the Gas Widuri.
At the other end of the size scale, Dutch off-grid energy distributor SHV Gas Supply & Risk Management has chartered two small fully pressurised LPG carriers, the 5,018-cbm Gas Ambalat (built 2014) and 3,500-cbm Gas Arjuna (built 2012).
The charters range from six months to three years and were arranged through PIS Middle East, the owner’s branch in Dubai.
