We provide fully independent Sale & Purchase advisory exclusively for LPG gas carriers — covering the entire transaction lifecycle from initial vessel selection through physical assessment, contract negotiation and delivery. We represent buyers or sellers in VLGC, LGC, MGC, semi-refrigerated and fully pressurised vessel transactions with no brokerage commissions, no freight interests and no relationships with the opposing side. Our only obligation is to the client who instructed us.
1
LPG Vessel Selection & Market Screening
We identify and shortlist LPG vessels matching the owner's or investor's criteria — vessel type (VLGC, LGC, semi-refrigerated, pressurised), cargo capacity, age range, class society, containment system (Type A / Type C / bilobe), propulsion configuration and trade route suitability. We benchmark asking prices against current Fearnleys and Clarksons market assessments, screen class society records for condition of class, outstanding recommendations and survey due dates, and filter out vessels with known structural, cargo system or propulsion history issues that are commonly disguised in broker presentations. For buyers seeking a propane-suitable VLGC, the difference between a well-maintained Japanese-built hull and a cheaper alternative yard can mean $3–5M in future maintenance cost — we know which vessels to target and which to avoid.
2
Physical Assessment & On-Board Inspection
Our team attends the vessel to conduct a comprehensive physical assessment before any offer is made or letter of intent signed. Our inspection scope for LPG carriers goes significantly beyond a standard condition survey: main engine condition (compression tests, turbocharger performance, EPL device verification), cargo compressor and reliquefaction plant operational test, cargo pump condition and suction strainer inspection, Type A tank structural review (framing, insulation vapour barrier, dew point monitoring system), safety relief valve certificates and setpoints, P&ID compliance against IGC Code requirements, emergency shutdown system test, cargo control room instrumentation, gas detection system calibration status, Class survey status verification on board, cargo hose and manifold condition, and accommodation and safety equipment inventory. Findings are documented in a structured deficiency report with photographs, cost estimates for each item and a clear recommendation — proceed, renegotiate or walk away. This report becomes the technical foundation of all price negotiations that follow.
3
MoA Review & Negotiation — Saleform 2012
We conduct a clause-by-clause technical review of the Memorandum of Agreement — typically Saleform 2012 or Norwegian Saleform 93 for LPG transactions — identifying provisions that create disproportionate risk for the buyer. Key areas we examine include: the inspection and acceptance clause (acceptance window duration — a 24-hour window is dangerously short for a gas carrier inspection; we negotiate for 48–72 hours), the "as is where is" versus guaranteed condition scope, the drydocking and underwater inspection obligations, the sellers' representations regarding class certificates and outstanding recommendations, the bunker and LPG heel quantity and pricing mechanisms at delivery, the deposit refundability structure and banking arrangements, arbitration jurisdiction and governing law (particularly relevant for transactions involving non-Greek or non-English parties), trading and operational restrictions during the pre-delivery period, and any Iran, Russia or sanctioned-entity trading warranties. We also advise on addenda covering delivery condition standards specific to gas carriers — cargo system operability, reliquefaction plant condition, certificate validity and SIRE inspection history.
4
Charter Party Review — Attached or Novated TC
Most VLGC and LGC acquisitions involve a vessel already on time charter — the TC either novates to the new owner or contains a change-of-ownership clause that requires charterer consent and may trigger options or early termination rights. We review the attached charter party in full from the buyer's perspective, with specific attention to: hire rate and payment terms, TC duration and redelivery range, performance warranties (speed and consumption at defined laden and ballast conditions — particularly important for EPL-limited VLGCs where actual performance deviates from design), off-hire thresholds and dispute resolution mechanisms, maintenance obligations during the TC period (who funds cargo system repairs — owner or charterer), the SIRE vetting acceptance history and any charterer-imposed vessel condition requirements, cargo compatibility restrictions (propane-only, butane-capable, ammonia-capable), and trading exclusion zones. We quantify the financial impact of any adverse TC clause before the buyer completes — a poorly reviewed charter party on a VLGC acquisition can cost the new owner millions in unanticipated costs or reduced hire.
5
Delivery Services — LPG Carrier Specific
Delivery of an LPG carrier is a technically complex event that differs fundamentally from a conventional vessel delivery — and where inadequate representation by the buyer routinely results in costly post-delivery disputes. Our team attends delivery and manages the entire process on behalf of the buyer across all critical stages. Documentation review: verification of all class certificates (Certificate of Fitness, Class and Statutory, IOPP, SMC, DOC), outstanding survey items, condition of class recommendations and their resolution status, flag state certificates and SIRE inspection history. On-delivery inspection: physical confirmation of vessel condition matching the MoA representations, cargo system operational test (reliquefaction, boil-off, cargo compressors, pump functionality), main engine running test, safety system confirmation and critical equipment inventory check. LPG heel negotiation: the delivery heel of propane or butane remaining in cargo tanks is a significant financial item — on a VLGC with 650 MT of propane heel at current CP prices this represents $330,000–$490,000. We negotiate heel quantity, pricing basis (Q1/Q2 CP, Mont Belvieu, Argus), measurement methodology and payment timing. Bunker quantity and quality: independent survey and ROB verification. Spares inventory: verification of contractually required onboard spares, particularly for cargo compressors, reliquefaction components and safety systems. Protest and reservation letters: preparation of formal notations for any items not matching MoA conditions to preserve the buyer's post-delivery claims.
