LPG Energy to Serve
Petredec Limited, Bermuda was formed as an LPG trading company in 1980.
The Petredec concept was to develop a shipping and trading operation in Europe and the Western Hemisphere.
History
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. The company initially concentrated the majority of its trading and
shipping activities in the "small ship" (2000 to 15000 cubic metre) sector of the gas market and a reputation
as a reliable and flexible operator was established with a considerable list of suppliers and receivers in North
West Europe, Mediterranean, Africa and the Atlantic Basin.
 Petredec entered the ship-owning phase in 1987 with its
first gas tanker purchase and 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 successful commencement of the Barbados office, plus the steady enlargement of the gas tanker
fleet, the company opened the Singapore office in 1994 to develop the expanding east of Suez markets.
Expansion
With the establishment of the Singapore office creating new opportunities, Petredec entered the “Big Ship” market
and the Company’s impressive growth in the VLGC and mid size vessels has been based on a number of significant
contracts both in the Middle East and Far East. This growth has resulted in the Company handling over 12% of all
LPG exports from the Arabian Gulf in 2006. This, coupled with a number of strong service orientated contracts in
Asia and the Far East has established Petredec as the leading Trader in this region. In 2005, Petredec enhanced
its position West of Suez by expanding its trading presence in the big ship market.
Focusing on providing a quality and reliable service to its customers and suppliers, Petredec has grown into the
largest "LPG" trading company worldwide, in both small and big ships. The Company is an integral part of the European,
Caribbean, Atlantic Basin, African and Asian markets and handles in the region of 10 million tons per annum worldwide.
On the shipping activities, having built up a large fleet of owned and time chartered vessels, a number of which had
purchase options, Petredec saw the second hand value of small gas tankers soar to record levels during 2004 / 2005.
Given a substantial increase in the new building orders post 2006, the Company decided the timing was right to sell
a number of vessels to redirect resources to other sectors that were felt to have more upward potential.
Alliance
In the meantime, it was confirmed in February 2005 that Petredec had sold 30.3% of its shares to the National Shipping
Company of Saudi Arabia. This strategic alliance has not only opened up possible business opportunities for Petredec
in the Middle East, but has also added strength to the Company’s Balance Sheet.
As part of the strategy to build assets into more lucrative LPG Shipping Sectors, Petredec ordered two VLGC’s from
Hyundai Heavy Industries (HHI), Korea for delivery in 2008. In addition, the Company has also invested in the midsize,
ordering two 22,500 cbms fully refrigerated ships from HHI, Korea, delivery 2008 and two semi-refrigerated 22,000 cbms
from Jiangnan, China, delivery 2009. Total new building orders are in the region of $400 million.
Petredec offers a modern, high quality fleet of gas tankers operating worldwide and as a combined trading and ship
operator is able to provide a complete service of product and transport to the LPG and Petrochemical industry.
With offices in Europe, Asia and the Caribbean, the company can provide a creative and flexible worldwide service to
its customers.
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Barbados
