Fortitude Shipping has placed its first newbuilding order since it was launched late last year as a UK-based unit of Singapore’s Petredec Group.
The London-based owner of 10 modern LPG carriers of between 21,000 cbm and 22,000 cbm announced an order on Tuesday for up to four slightly larger ships.
As with eight of its existing vessels, the newbuildings will be capable of carrying ethane and ethylene.
The contract for two firm and two optional 24,000-cbm ships was signed with Nantong CIMC Sinopacific Offshore & Engineering Co (CIMC).
The yard is scheduled to deliver the firm vessels in March and July 2026.
Clarksons arranged the deal, for which no pricing details were disclosed.
The price tag, however, will reflect the ships’ specifications, including a cargo intake of 2,000 cbm above the usual in that class.
The ships are also expected to burn less than 22 tonnes of fuel per day at a speed of 16 knots — a consumption level that could drop further if an option is exercised to apply silicon paint to their hulls.
They will be also fitted with exhaust gas cleaning systems and shaft generators.
Racehorses, not workhorses
Reflecting the long-standing Petredec tradition of naming ships after winning racehorses, the two firm vessels will trade as Emblematic and Eleanor — winners of the 1864 Grand National and the 1801 Epsom Derby, respectively.
The initial letter E on Fortitude vessel names serves as a reminder that they can carry ethane and ethylene.
The newbuildings will help the company expand its footprint in a promising market, said Petredec Group chief executive Giles Fearn.
“The ethane/ethylene sector is well positioned to benefit from the favourable fundamental tailwinds of strong, visible export capacity expansion in the US Gulf Coast and restricted fleet growth over the next five years,” he said.
With an average age of about four years, Fortitude’s fleet is very young, even before factoring in its newbuildings.
First for CIMC
It includes two 22,000-cbm newbuildings originally ordered by Petredec and delivered earlier this year by Jiangnan Shanghai Changxing.
Placing an order with CIMC marks a departure for the owner.
“Petredec is delighted to establish a relationship with CIMC SOE,” Fearn said.
CIMC chief executive Gao Wenbao said: “Petredec has a long, successful history of building high-quality vessels in China and we are delighted that they have placed their trust in CIMC SOE to build this latest series of ethane/ethylene-capable 24,000 cbm handysize vessels.”
