New LPG carrier player Adenac snaps up Exmar pair

Established earlier this year with the objective of building a modern, scalable LPG shipping platform, Adenac has announced the purchase of two unnamed 2009-built, 3,500-m³ high-specification fully pressurised LPG carriers.

According to shipbroking and market sources, the vessels are Joan and Elisabeth, which previously traded under Exmar’s ownership. The gas shipping specialist announced last week the sale of the two vessels, along with three more midsize LPG carriers, to undisclosed buyers.

Exmar did not disclose the sale price, saying only that the combined transactions are expected to generate a capital gain of US$35M compared with the vessels’ book value, relative to its ownership interest.

Adenac has already secured a minimum two-year employment for the Japanese-built pair.

"By combining selective acquisitions with secured employment, we continue to strengthen the quality of our fleet, enhance earnings visibility and build a resilient portfolio of modern LPG tonnage," the company said in a statement.

The latest additions join 1999-built Gas Helena and 2004-built Gas Valerie, which became the company’s first vessels when they entered service in March, bringing Adenac’s LPG fleet to four units.

Market sources expect Adenac to remain active in the sale and purchase market, with a focus on adding younger and potentially larger LPG carriers.

Beyond LPG shipping, Adenac also maintains a presence in the container vessel market through 1996-built, 740-TEU VM Vita.