A large operator and vessel owner Petredec founded in 1980 in Northwest Europe has announced a change in its ownership structure.

The leading LPG shipping and trading company with a modern fleet of VLGCs said today that Petredec Group Limited (PGL), is now solely controlled by the Fearn family and Bahri after an agreement with Mr. Christopher Stedman.

The three parties controlled the Petredec Group Limited (PGL), formerly known as Haydock Holdings Limited, a holding company incorporated and registered in the British Virgin Islands, that owns 100% of the company.

PGL was in turn owned by three shareholders the Fearn family, the National Shipping Company of Saudi Arabia (Bahri), and Mr. Christopher Stedman.

As Petredec reports today, the Fearn family and Bahri have jointly entered into an agreement with Mr. Stedman, whereby their resultant holdings in PGL will be increased to 59.92% and 40.08%, respectively.

“Petredec would like to express its sincere gratitude to Mr. Stedman for his immeasurable contribution to the company’s success and development. We wish him all the best in his future endeavours,” said the company today in its release statement.

Earlier this year, Petredec Global secured a $315m loan from a syndicate of international banks to finance six 93,000 cbm VLGCs with dual fuel LPG propulsion.

The ships were on order at Jiangnan Shipyard and the company expected delivery throughout 2023 and early 2024.

The six VLGC newbuilds are fitted with dual fuel LPG propulsion that will emit 23% less CO2 than their conventional non-eco equivalents, while also generating 25% higher spot market earnings.