Maersk Tankers names a new handy-size tanker

With a newbuilding programme of nine handy-size liquefied petroleum gas vessels worth more than USD 500 million, Maersk Tankers is showing the tanker market its ambition to continue being a relevant player in the LPG segment.

LPG is a by-product that derives from oil and natural gas production and more importantly the demand for LPG is increasing as the world’s demand for energy increases. Total shipment of LPG is expected to increase to 77 million tonnes in 2012 from 57 million tonnes today.

This has resulted in a significant growth in the LPG tanker segment, and is the reason for Maersk Tankers’ heavy investment there.

“The LPG handy-size market is relatively small with a total global fleet of 80 vessels and 20 on order. However, at the same time more than 20 vessels are expected to be scrapped within a few years due to age restrictions. So, all together with a growing demand for LPG and a continued relative small fleet, this makes the handy-size segment an interesting business,” said Martin Fruergaard, Senior Vice President of Maersk Tankers.

On Thursday 23rd October 2008, MAERSK HARMONY, a 20,600 cubic meter handy-size gas tanker and the first vessel in a series of three handy-size gas tankers ordered by A.P. Moller Singapore Pte. Ltd. on behalf of Maersk Tankers, was named at Hyundai Mipo Dockyards in Ulsan, Korea. In addition to these three vessels, the A.P. Moller - Maersk Group has also ordered six handy-size vessels at Hyundai Heavy Industries, Korea for delivery in 2010-2011.

Mrs. Stella Marks, wife of Mr. Alexandros Detsikas, Chartering Manager with Naftomar Shipping and Trading, honoured A.P. Moller Singapore Pte. Ltd. by being the sponsor. MAERSK HARMONY is registered in Singapore and will be commanded by Captain Anoop Rana with Mr. Ajay Shankar Shukla as Chief Engineer.