Thenamaris is looking to double the size of its LPG carrier fleet by ordering an additional newbuilding at Hyundai Mipo.

According to both the Greek company’s website and shipbuilding sources, Thenamaris has exercised an option for a 38,000-cbm vessel at the South Korean yard.

The original order for two firm vessels with hull numbers 8280 and 8281 transpired last August. An option for a third sistership followed two months later. A second option for Hull No 8283, which is understood to be the last, was exercised this month.

Thenamaris’s LPG order of four ships at Hyundai Mipo mirrors its initial foray into that segment. Between November 2014 and July 2015, the Nikolas Martinos-led company placed orders for a quartet of identical, 38,000-cbm LPG carriers at the same yard. These initial four units were delivered in 2017 and 2018 and are still trading in Thenamaris’s fleet.

Hyundai Mipo is to complete Thenamaris's second LPG quartet by the end of 2021. The Greek company will then boast a fleet of eight fully refrigerated LPG/NH3 gas carriers.

Thenamaris is one of few companies expanding in the sector with newbuildings. Mid-sized LPG vessels have one of the lowest newbuilding ratios in the shipping industry.

According to Clarksons figures, the tonnage ordered for LPG carriers with a capacity between 20,000 cbm and 45,000 cbm represents merely 5.8% of the active fleet of such vessels in the water. That compares to 12% for LPG ships in general and 26% for LNG carriers.

Thenamaris pursues a conservative charter strategy in the sector, preferring to employ its vessels on long-term charters.

Last month it reportedly concluded a bumper one-year charter for the 38,000-cbm Seashine at $900,000 per month with Qatar Chemical and Petrochemical Marketing and Distribution (Muntajat).

A sistership, the Seasuccess (built 2018) was fixed by Mitsui & Co for a year starting on delivery from the yard, and then by Norway’s Yara International for a year at $575,000 per month.

Freight rates for such ships seem little affected by the coronavirus crisis that made other vessel categories suffer. Twelve-month charter rates for 35,000-cbm LPG ships stand at an average $850,000 per month, according to Clarksons - up from $820,000 per month at the beginning of the year.