Japan’s Iino Kaiun Kaisha is the latest company to opt for LPG-fuelled VLGC newbuildings.
It is said to have booked an 84,000-cbm vessel at Kawasaki Heavy Industries (KHI) for delivery in the fourth quarter of 2021.
The deal reportedly includes one option, but the price has not been disclosed.
Industry players said Iino had ordered the vessel against a tender contract from Norwegian energy major Equinor.
KHI officials declined to comment, citing contract confidentiality. Equinor did not reply to enquiries from TradeWinds.
A gas player said Equinor had put out a tender to charter two LPG-fuelled VLGC newbuildings. He added that KHI is one of the shipyards the outfit favours.
There is speculation that Equinor may have chartered another LPG-fuelled VLGC newbuilding, also being built at KHI. Singapore’s Kumiai Navigation ordered the vessel this year, for delivery in the first quarter of 2022.
“We think Iino will not exercise the optional ship at KHI without any employment attached,” the gas player said.
Co-owned vessels
Iino is familiar with Equinor. The companies co-owned a pair of LNG vessels with K Line — the 143,000-cbm Arctic Discoverer and Arctic Voyager (both built 2006).
Iino, one of the major shipping outfits in Japan, is listed on the Tokyo Exchange. Besides shipping, it is engaged in real estate.
According to Clarksons’ Shipping Intelligence Network, Iino owns a fleet of 60 ships that includes VLCCs, chemical tankers, bulkers and gas carriers.
It has a pair of VLCC newbuildings under construction at Nantong Cosco KHI Ship Engineering for delivery this year.
Union Maritime of the UK recently made its debut in the VLGC segment, ordering up to two LPG-fuelled newbuildings at Hyundai Heavy Industries, for delivery in the first quarter of 2022.
The deal, reported to be worth close to $160m, involved one firm vessel and one option. Union Maritime was said to have signed up on the back of a long-term charter from an unnamed oil major.
Meanwhile, Equinor was reported to have postponed a tender to charter in a series of midsize LPG carriers. Belgium’s Exmar and Thenamaris of Greece are believed to be front-runners to place the order and provide the ships.
