Hong Kong-based shipowner Unique Shipping has recently signed a shipbuiding contract with Hyundai Heavy Industries Co., Ltd. (HHI) for the construction of two 84,000cum VLGCs, said a domestic online shipping news portal, adding that the delivery is scheduled for the end of 2016.

According to an industry insider, the VLGC is valued at about US$ 79.50 million.

The VLGC market may face pressures of excessive capacities in the next two to three years, Italian shipbroker Banchero Costa said, analyzing that a great number of new-built VLGCs will be delivered during the period, but the demand for LPG worldwide has been remaining within a low level.