UK shipowner Petredec has found a new source of funds for its fleet of gas carriers.

The private group has refinanced three modern VLGCs to the tune of $122m in Asia.

The sole financial advisor on the deal — Norwegian investment bank Fearnley Securities — said: “The transaction represents the company’s entry into a new financing market.”

The company added that the loan move also “demonstrates appetite amongst Asian lenders for exposure to energy transition-related assets”.

The vessels were not specified.

The transaction has been carried out at a time of record spot rates for VLGCs, with rates for trips between the Middle East and Asia topping $141,000 per day last week.

In April, Petredec secured a $315m loan from a syndicate of international banks to finance all six of its new 93,000-cbm VLGCs with dual-fuel LPG propulsion.

The ships are on order at Jiangnan Shipyard in China for delivery this year and in 2024.

Seven lenders were involved in this deal.

The delivery of the six VLGCs will increase Petredec’s owned VLGC fleet to 26 and solidify its position as owner of the world’s largest and youngest VLGC fleet with an average age of five years, the company said.

Big CO2 reductions

The carriers will emit 23% less CO2 than their conventional non-eco equivalents while also generating 25% higher spot market earnings.

ING Bank in the Netherlands acted as coordinating bank and book runner for the April financing.

Stephen Fewster, ING’s global head of shipping finance, said at the time the bank was pleased to have had the opportunity to support a long-standing client.

“ING will continue to work with Petredec and all our clients to help them transition to a zero-carbon future,” he said.