Greece-based vessel operator TMS Cardiff Gas Ltd. has decided to exercise two options held with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the construction of an additional two 78,700 cbm LPG carriers.

TMS Cardiff Gas Returns to HHI for Two More LPG Carriers

Both vessels are scheduled for delivery in the fourth quarter of 2017, when they will enter into ten year time-charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group.

The company said that the vessels will be tradeable across both, the new and old Panama canal, and will be built to the highest industry specifications, as per TMS Cardiff Gas standards.

“These orders mark the group’s further expansion into the LPG sector, currently with a fleet of four VLGCs, all with secured term employment upon delivery. The group maintains its appetite for further growth in the sector, which is reflected in additional capacity made available by HHI,” the company said.

TMS Cardiff Gas ordered the first two 78,700 cbm LPG carriers from Hyundai Heavy in October this year and the duo is slated for delivery in Q2 and Q3 2017, when they will enter into time-charter contracts with Shell International Trading and Shipping Company, Limited.

The company, established in 2011 as part of the TMS Group, manages a fleet of five in the water LNG carriers and four VLGC newbuilds.