Japanese Astomos Energy Corp. has announced that it has signed a cooperation agreement with ENEOS Globe Corp. aimed at merging the two companies' gas fleets, thereby creating a new giant in the booming tanker market.
The two partners will tap opportunities to best create an effective combined fleet focusing on import and export liquefied petroleum gas (LPG).
A merger of the two companies would create a new giant with a fleet of 30 of the major VLGC gas carriers in the already densely packed LPG market, where the main competitors include, among others BW Gas, Dorian LPG, Avance Gas and Danish Hafnia Tankers.
In addition, according to an official confirmed the bilateral cooperation including LPG import and trade cooperation, specific issues are still under negotiation. He stressed that the two sides have not yet made a firm decision, but consider the possibility of merging the fleet have been proposed.
It is understood, Astomos camp fleet includes 21 VLGC, where six of their own ship, and the other 15 for the long-term lease ships. In addition, the company also has six new ships to be delivered to replace older ships built in the 1990s.
But Astomos also said it expects the future will continue to invest in new shipbuilding, and plans based on LPG sales in 2020 will expand the fleet to 30. Eneos owns five VLGC.