UAE's Foresight Group orders four LPG/ammonia carriers from Korean yard

According to the official, disruption in the Strait of Hormuz had led buyers to obtain cargoes in the US and transport them to India or Southeast Asia.

"If Indian state-owned oil refiners require newbuild tonnage for longer periods, we are ready to lock with them on long-term charters," the official said.

Foresight also intends to keep buying mid-life VLGCs on the secondhand market, with a target of at least 25 internationally trading VLGCs and VLACs by 2034. Earlier secondhand purchases include the 2009-built, 80,800-cubic-metre Progress in 2022.

The official said the group would consider LNG, ethane, or similar gas-based tonnage once it has more than 20 ships in operation.