Sinogas bolsters gas carrier fleet with VLGC pair

Shipping data platforms list Sinogas as the owner of the 2024-built, 93,000-m³ VLGCs Gas Vela and Gas Arcturus, both of which were recently added to the company’s website.

Previously known as Astipalea and Syros, the two VLGCs were initially ordered by Dubai-based Pearl Petrochemical from Jiangnan Shipyard, a subsidiary of China State Shipbuilding Corp (CSSC). According to official filings, Pearl Petrochemical had signed a sale and leaseback agreement with CSSC Shipping in 2023 for these two vessels, along with another ship, Tinos I.

Shipbroking sources report Sinogas acquired Gas Vela and Gas Arcturus shortly after their delivery from Jiangnan in late 2024, in what appears to be a resale deal. The company has been contacted for comment.

Notably, recent VLGC newbuilding orders placed in late 2024 indicate a cost of approximately US$120M per vessel. At the time of the original order, Pearl is estimated to have paid around US$86M per vessel.

Sinogas fleet and orderbook

Sinogas, which operates offices in Singapore, Hong Kong, and Guangzhou, currently manages a fleet of 68 vessels, including those under construction, according to its website.

The company’s fleet comprises: 16 VLGCs, 13 VLECs, eight Handy MGCs, 18 small-scale gas carriers, six LNG carriers and LNG bunker vessels and seven asphalt/bitumen tankers.

In October 2024, Sinogas disclosed an order for three 25,000-m³ and four 41,000-m³ dual-fuel ammonia carriers at Huangpu Wenchong Shipbuilding in China.

Founded in 1991, Sinogas currently employs more than 1,500 seafarers, according to information on its website.