Fortitude Shipping, a subsidiary of Singapore-based LPG and trading specialist Petredec, has placed an order of up to four ethane/ethylene-capable handy-size vessels at Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE).
The subsidiary Fortitude, which operates a fleet of eleven handysize vessels, is expanding its fleet with the addition of two handy-size 24,000 cbm vessels for delivery in March and July 2026, and with the option to build a further two units.
The new units, which will have a carrying capacity of 24,000 cubic metres, reduce further the average age of Fortitude’s ethane/ethylene-capable fleet that is already the youngest and most fuel-efficient within the sector.
The newly build handy-size vessels will be fitted with an exhaust gas cleaning system and a shaft generator.
Giles Fearn, Petredec chief executive, commented: “Petredec is delighted to establish a relationship with CIMC SOE and to consolidate Fortitude’s leading market share by expanding its ethane/ethylene-capable fleet. The ethane/ethylene sector is well positioned to benefit from the favourable fundamental tailwinds of strong, visible export capacity expansion in the U.S. Gulf Coast and restricted fleet growth over the next five years.”
Gao Wenbao, vice president of CIMC ENRIC, chief executive of CIMC SOE, 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 handy-size vessels. We look forward to working closely with Petredec to deliver vessels that we are certain will become the industry benchmark in terms of quality and performance.”
