Chinese private oil and gas exploration and production company Oriental Energy is exiting the LPG shipping business.

The company has decided to quit the LPG international and domestic trading business and transfer all 12 of its VLGCs to Keegan Shipping Holding.

Keegan Shipping Holding, a ship investment, operation and management company registered in Singapore in 2017, controlled by Oriental Energy’s main shareholder Oriental Petroleum.

Oriental Energy said that Keegan Shipping is currently negotiating with owners to set up a large size VLGC pool to run the fleet more efficiently, said Oriental Energy.

Oriental Petroleum and CSSC Jiangnan Shipyard signed a construction contract for two VLGCs earlier this year, which will also be transferred to Keegan Shipping for operation upon delivery.

Source: Seatrade Maritime