Petredec is pleased to announce the formation of a new company within the Group, Fortitude Shipping Ltd, based in London, UK. Fortitude will take over Petredec’s eleven handy-size LPG carriers (21,000- 22,500cbm), comprising eight modern Ethane/Ethylene-capable vessels, two semi-refrigerated vessels and one fully refrigerated ship. With an average age of four years, Fortitude’s fleet is the youngest and most fuel-efficient within the sector.
Focused on the transportation of Ethane, Olefins and Ammonia in addition to the Group’s core LPG trade, Fortitude Shipping is well positioned to benefit from the emerging transition to cleaner propulsion fuels. While operating independently, the new company will continue to build on the Petredec Group’s established foundations of safety, integrity, consistency and reliability in moving our clients’ cargoes.
Commenting on Fortitude Shipping’s launch, Petredec Group CEO Giles Fearn said “The majority of the Petredec Group’s verticals have each achieved a level of scale that now warrants operation as standalone business units to better focus on performance and growth. The latest of these, Fortitude Shipping, is our wholly owned subsidiary dedicated to the movement of NGL’s, which includes the second largest and youngest ethane/ethylene capable fleet in the sector. With an efficient modern fleet and industry-leading team operating the business, Fortitude is well placed going into an exciting period in shipping as we navigate towards a low-emission society.”