Turkish shipowner PascoGas continues expansion with latest LPG carrier acquisition

The company has emerged as the new owner of 2005-built, 35,223-m³ Antwerpen, which has been renamed Pasco Duja. Shipbrokers reported in recent weeks that the South Korea-built vessel changed hands for a price above US$20M.

PascoGas has already listed Pasco Duja on its website, bringing its active fleet to eight LPG carriers with capacities ranging from 34,500 m³ to 59,000 m³.

In addition, the owner is pursuing a newbuilding programme for five vessels, comprising medium gas carriers (MGCs) and very large gas carriers (VLGCs)/very large ammonia carriers (VLACs), all under construction at South Korean yards.

Values and fleet trends

Data from Veson Nautical shows LPG carrier values have recently moved in mixed directions.

MGC secondhand prices fell by up to 10.0% in September, with the sharpest decline observed in 15-year-old units. Conversely, VLGC values rose by as much as 3.6%, except for 15-year-old vessels, which posted a marginal decline of 0.4%.

Between January and September 2025, 140 gas carriers changed hands, compared with 222 vessels in the same period of 2024 and 147 in 2023, Veson Nautical data shows.

According to Xclusiv Shipbrokers’ latest monthly report, as of the end of September the MGC fleet comprised 143 vessels, most of them less than 10 years old.

The orderbook currently represents 45.8% of the active fleet in capacity terms.