Mexico’s Empresas Nieto has made a foray into shipowning.
The integrated commodity conglomerate, better known as Nieto, has booked a 38,000-cbm LPG newbuilding at Hyundai Mipo Dockyard (HMD).
Shipbuilding sources identified Nieto as being behind the LPG carrier contract that HMD disclosed in July.
Nieto is paying KRW 61.1bn ($52m) for the newbuilding and is slated to take delivery before July 2021.
Family-owned Nieto has a low profile in shipping, but its website shows it is involved in transportation, energy and trading.
Nieto is not listed in shipping databases, and it is not known whether it controls any vessels.
Eastern Pacific charter
The company was reported to have chartered an LPG carrier — the 37,000-cbm Ontario (built 2017) — from Eastern Pacific Shipping of Singapore. The length of the fixture has not been disclosed. The Mexican company did not immediately respond to a request for comment.
Nieto’s newbuilding is believed to be HMD’s first LPG carrier order this year.
Shipbuilding sources said they are increasing enquiries for midsize gas carrier newbuildings, which they attribute to strengthening of the LPG market.
“The LPG market is very strong at the moment. We see rates close to $700,000 per month on midsize gas carriers and $900,000 per month on very large gas carriers,” said an LPG shipowner.
