Greece's Angelicoussis Shipping Group is to convert another two VLCC newbuilding contracts to LNGCs.

This latest deal brings the number of new LNGCs on order to three. They will be managed and operated by subsidiary Maran Gas.

Daewoo hulls numbers 5341 and 5323 were ordered as VLCCs for about $155 mill each, a price close to the peak for 320,000 dwt VLCCs, market sources said.

The contract conversions were negotiated to include an additional cash payment.

The first of the three 156,000 cu m LNGCs is scheduled for delivery in the second half of 2013 to Angelicoussis’ LNG and LPG carrier arm Maran Gas Maritime, while the other two sister will follow in 2014 and 2015, respectively.

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