Avance takes Maran's VLGCs

Avance Gas has confirmed brokers' reports that it has bought two VLGCs from Maran Gas Maritime, the Angelicoussis Group gas shipping arm.Avance, owned jointly by Stolt-Nielsen Ltd and Sungas Holdings, has acquired the two 2008-built, 85,000 m3 carriers Maran Gas Vergina and Maran Gas Knossos and expects to take delivery by the end of August. The deal leaves Maran Gas with six 145,800 m3 LNG carriers in its fleet, while boosting the Avance fleet to seven VLGCs.

"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," says Niels G Stolt-Nielsen, CEO of Stolt-Nielsen Ltd. "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 fleet mainly trades on the spot market, moving LPG from the Middle East to Asian buyers. Brokers put a price of around $73m per ship on the deal.