Bermudian-based Avance Gas Holding Ltd has entered into a two-year time charter agreement for its second dual fuel very large gas carrier, Avance Capella.

The agreement is with liquefied petroleum gas and ethylene ship owner and LPG trader, Petredec.

Avance, which is engaged in the transportation of liquefied petroleum gas, said the vessel will commence the time charter shortly after delivery ex-yard in South Korea end of February and the time charter hire has a mechanism which gives both parties exposure to the spot market rate.

A spokesman for Avance said: “This transaction is another step in executing on our strategy to increase our time charter portfolio while also maintaining access to the market upside.”