Seacor enters the LPG arena

MAY 3, 2013 — Seacor Holdings Inc. (NYSE: CKH) is getting into the LPG sector. It reports that it has executed an agreement with shipbuilder Hyundai Heavy Industries Co., Ltd., through a subsidiary of Seacor Ocean Transport Inc., for the construction of two Liquefied Petroleum Gas tankers (Very Large Gas Carriers, otherwise known as VLGCs) with expected deliveries in 2014 with an option to purchase up to three additional VLGCs with delivery in 2015.

Seacor LPG newbuilds will be operated in a pool managed by Dorian

These vessels will be equipped to meet current and expected environmental and regulatory requirements and feature substantially improved performance and consumption due to a new hull design and the latest generation MAN B&W G-type ultra long stroke engines.

Seacor anticipates that the new vessels will be managed by Dorian (Hellas) S.A. (“Dorian”) in a pool together with three VLGCs owned by affiliates of Dorian. Dorian also has an option to acquire or co-invest in up to 50% of the vessels under contract and on option with HHI.