Norwegian shipowner Avance Gas has exercised an option for two mid-sized LPG/ammonia carriers from CIMC in China.
The two newbuildings will be equipped with dual fuel engines capable of running on both LPG as well as compliant fuel oil.
The ships will have a cargo capacity of 40,000 cubic meters and are scheduled for delivery during the second and fourth quarters of 2026. The ships are sister ships of two vessels contracted in June.
The price for the two newly ordered vessels is approximately $61.5m per vessel, identical to the price of the previously ordered ships.
“Given the substantial cash balance in Avance Gas of $220 million at the end of the first quarter, the recent sale of Iris Glory at $60m and the strong freight market, we have the capacity to fully finance these ships without adversely impacting our ability to continue to pay dividends,” Øystein Kalleklev, CEO of Avance Gas, said.