Stolt-Nielsen Limited announced on June 7th that Avance Gas Holding Ltd. (AGHL), a company owned equally by Sungas Holdings Ltd. and Stolt-Nielsen Gas Ltd., has agreed to acquire two VLGCs-Maran Gas Knossos and Maran Gas Vergina-from Maran Gas Maritime Inc. The ships are expected to join Avance Gas Limited’s (AGL) fleet by the end of August 2012, increasing the size of the fleet to seven VLGCs.
Commenting on the transaction, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited , said: “Avance Gas remains focused on its goal of establishing itself as a significant player in the LPG transportation market, where the growth outlook continues to strengthen. These new ships move the company closer to its targeted fleet size, which the company believes will give increased access to spot and contract business with the world’s major shippers of LPG.”
The Avance Gas fleet trades mainly in the spot market, loading in the Middle East for destinations primarily in Asia.
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Source: Stolt-Nielsen Ltd, June 18, 2012; Image: Maran Gas