Norway: Avance Gas Adds Two VLGCs to Its Fleet

Stolt-Nielsen Limited announced that Avance Gas, a company owned equally by Sungas Holdings and Stolt-Nielsen Gas, 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 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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LNG World News Staff, June 08, 2012; Image: marangas