Petredec Limited was formed as an LPG trading company in 1980 to develop a shipping and trading operation.
Petredec Limited, Bermuda, was formed as an LPG trading company in 1980. The original Petredec concept was to develop a shipping and trading operation in Europe and the Western Hemisphere.The early years
Petredec Ltd Bermuda was formed in 1980 in a joint venture between a US-based company Petrolane and a Saudi company Redec with the desire to trade LPG in Europe and across the Atlantic.
The company initially concentrated the majority of its trading and shipping activities in the "small ship" (2000 to
5000 cubic metre) sector of the gas market.
Petredec's first long term time charter was delivered in 1981, followed by the addition to the fleet of several time charter vessels throughout the 1980's.
A reputation as a reliable and flexible operator was soon established with a considerable list of suppliers and receivers in North West Europe, Mediterranean, Africa and the Atlantic Basin.
With solid footing held in the western hemisphere, LPG trading markets Petredec commenced its ship-owning phase.
In 1987 Petredec bought its first gas tanker purchase with the objective of increasing the asset base of the company.
This was followed by the acquisition in 1989 of Caribgas Inc. and three gas vessels operating in the Caribbean market.
In the early 1990's the company established an office in Barbados with the aim of expanding the company's LPG activities in the Caribbean and Central America.
With the expansion of the European business and success of the Barbados office, plus the company’s robust growth of our gas tanker fleet, the management saw the need to spread its wings and looked East.
The Singapore office was opened in 1995 to develop the expanding east of Suez markets and was soon heavily involved in small ship trading in South East Asia and the Far East.
The Singapore office was opened in 1995.Expansion
With the establishment of the Singapore office creating new opportunities, Petredec entered the "Fully Ref Big ship" market in 1999.
The Fully Ref department quickly established strong relations with importers in the Far East and suppliers in the Arabian Gulf and over time built an impressive client list.
Over the next decade Petredec would develop into the largest independent LPG supplier and shipper East of Suez, delivering on average 700,000mt per
month of LPG to markets in Australia, China, Indonesia, Japan, and Korea, amongst others.
With the experience gained and reputation earned in the eastern Fully Ref market, Petredec needed to enhance its position, and in 2005 the Fully Ref western team was established.
Focusing on providing a quality and reliable service to its customers and suppliers, Petredec has grown into one of the largest independent LPG trading companies worldwide.
The company is an integral part of the European, Caribbean, Atlantic Basin, African and Asian markets and handles in the region of 8 million tons per annum of physical cargo.
As part of the strategy to build assets into more lucrative LPG Shipping Sectors, Petredec ordered two VLGCs from Hyundai Heavy Industries (HHI), Korea, that were delivered in 2008.
Three more VLGCs have been ordered and are scheduled for delivery early in 2012/2013.
In addition, the company has also invested in the handy/midsize market, ordering two 22,500 cbms fully refrigerated ships from HHI, Korea, that were also delivered in 2008 and two semi-refrigerated 22,000 cbms from Jiangnan, China that were delivered in 2009.