Petredec

What Petredec does

Petredec is a Singapore-headquartered, fully integrated Liquefied Petroleum Gas (LPG) value chain company founded in 1980 and operating across sourcing, shipping, terminals, and downstream distribution. It serves governments, national oil companies, industrial users, wholesale LPG distributors, and petrochemical producers through four operating divisions: Petredec Global (LPG trading and VLGC shipping, 20 vessels with a 6-year average fleet age versus an 11-year industry average), Fortitude (handy-size gas carriers transporting ethane, ethylene, LPG, petrochemicals and ammonia, 10 vessels with a 5-year average age), Petregaz (LPG import terminals and distribution in Africa and India, including Richards Bay in South Africa at 22.5 kt, Krishnapatnam in India at 34 kt with 1.4 million MT annual handling capacity, and Tanga in Tanzania under development), and Petrefuel (fuels and lubricants wholesale and the ~70-station Quest Petroleum retail brand in South Africa).

Underlying technology centres on dual-fuel LPG propulsion (achieving ~17% lower Well-to-Wake GHG emissions and 23% less CO2 than conventional VLGCs), ECO vessel design (hull optimisation saving 11% power, propeller bulbs saving ~1%), shaft generators that eliminate at-sea diesel-generator running, and modern refrigerated and mounded LPG terminal storage. The company has invested $1.3 billion in cleaner shipping since 2020 and runs a fleet of 60+ LPG road tankers for Southern African distribution.

Petredec makes money primarily through transaction-fee revenue from LPG trading and shipping, managed-services revenue from terminal storage and throughput, and transaction fees from road transport and fuels/lubricants wholesale. Pricing is contract-based and not publicly disclosed. Ownership is held via Petredec Group Limited (formerly Haydock Holdings Limited), with the Fearn family at 59.92% and Bahri (National Shipping Company of Saudi Arabia) at 40.08%. The company operates in 7 countries, and recent portfolio moves include divesting Reunion (2023), Mauritius (2025), and the Caribbean Carib LPG stake (2024) while expanding into East Africa (Tanga), India (Krishnapatnam), and Saudi Arabia (Bahri alliance, 2025).

Name

Petredec

Legal name

Petredec Pte Limited

Website

https://petredec.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Petredec is a Singapore-based, fully integrated LPG company founded in 1980 that sources, ships, stores, and distributes LPG globally. It operates one of the world's largest and youngest VLGC fleets, LPG import terminals in Africa and India, and a fuels retail network in South Africa.

Ownership category

akta.pro rank

Product category

LPG Shipping and Distribution

NAICS

Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

LPG Carrier Operators (TLADABAG)

akta.pro secondary industries

Chemical & Petrochemical Logistics (Bulk, ISO Tanks, Drums/IBCs) (TLAIAJAC), NGL/LPG Export / Marine Terminal Connection Pipelines (TLAGAEAK)

Keywords

• LPG shipping services
• VLGC fleet operations
• LPG terminal storage
• LPG distribution logistics
• Clean cooking fuel

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. LPG Trading and Supply: Petredec sources LPG from major production hubs (USA, Middle East) and supplies to customers globally. Operations are led by teams in Singapore and London with deep market insight, agility and strong relationships.
2. VLGC Shipping Services: Petredec Global operates one of the world's largest and youngest VLGC fleets providing LPG transportation services. The fleet's modern age and dual-fuel capabilities command premium earnings.
3. Terminal Storage and Handling: Petregaz operates LPG import terminals in South Africa (Richards Bay 22.5 kt), India (Krishnapatnam 34 kt), and Tanzania (Tanga - under development) providing storage and throughput services to LPG marketers, industrial users, and distributors.
4. Road Transportation and Logistics: Petregaz operates a fleet of approximately 60+ LPG trucks delivering throughout Southern Africa, providing primary logistics services to distributors and end customers.
5. Fuels and Lubricants Wholesale: Petrefuel distributes fuels and lubricants to retail, agricultural, construction, transport and other customers in South Africa, operating as one of the country's largest independent fuels wholesale distributors.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Petredec is a fully integrated LPG value chain company that sources LPG from major production hubs (USA, Middle East), transports it globally via one of the world's largest and youngest VLGC fleets and handy-size gas carriers, and distributes it through onshore import terminals and downstream logistics in emerging markets across Africa and India. Operations span four business divisions: Petredec Global (LPG shipping/VLGC fleet), Fortitude (handy-size petrochemical gas carriers), Petregaz (LPG import terminals and distribution), and Petrefuel (fuels and lubricants wholesale in South Africa).

Product overview

Petredec is a fully integrated LPG value chain company offering a comprehensive portfolio of products and services across the global LPG supply chain. The company operates through four main business divisions: Petredec Global (LPG shipping and VLGC fleet operations), Fortitude (handy-size gas carriers for petrochemical gases), Petregaz (import terminals and LPG distribution in Africa and India), and Petrefuel (fuels and lubricants distribution in South Africa). The portfolio includes 19 VLGCs with 6-year average age, 10 Fortitude handy-size vessels, three LPG import terminals (Richards Bay, Krishnapatnam, Tanga), 60+ LPG trucks, and Quest Petroleum retail network of ~70 service stations. Direct involvement in the LPG value chain ends prior to cylinder filling.

Differentiator

Problem solved

Functional benefit

Products and services

• Petredec Global LPG shipping and logistics division operating one of the world's largest and youngest VLGC fleets (20 VLGCs with 6-year average age vs. 11-year industry average). Sources LPG from major production hubs and delivers optimised logistics solutions globally, with many newbuilds equipped with dual-fuel LPG propulsion that reduces GHG emissions by approximately 17%.
• Fortitude Handy-size gas carrier shipping division operating 10 modern vessels (5-year average age) for transportation of ethane, ethylene, LPG, petrochemicals and ammonia. Fleet includes eight ethylene/ethane-capable vessels, two semi-refrigerated carriers, and two 24,000 cbm newbuilds due in 2026.
• Petregaz

Quantifiable outcome

• VLGC fleet age of 6 years vs industry average of 11 years - youngest major fleet
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered strategic, core and divested.

• Carnot EnginesstrategicTechnology or Integration · 10 February 2026Petredec partnered with UK-based Carnot Engines to accelerate deployment of next-generation highly efficient, fuel-flexible engine technology. Carnot's proprietary engine achieves thermal efficiencies of up to 70%, more than double conventional engines, and can operate on LPG, hydrogen, ammonia, methanol, and other fuels. Petredec is funding R&D for the LPG version and has become a shareholder.
• ASAS Group of CompaniescoreStrategic or Co-development Partner · 5 June 2025Petredec partnered with ASAS Group of Companies for the development of the Tanga LPG Terminal in Tanzania. ASAS, a long-established Tanzanian conglomerate and leader in fuel and LPG transport, brings local expertise to extend the terminal's impact beyond Tanzania's borders across East Africa.
• Bahri (National Shipping Company of Saudi Arabia)coreStrategic or Co-development Partner · 28 January 2025Bahri and Petredec formed a strategic partnership to address Saudi Arabia's increasing LPG and ammonia shipping demands. Bahri holds 40% shareholding in Petredec. A dedicated joint commercial team led by Bahri Oil and Petredec will target all future Saudi Arabian LPG and ammonia shipping requirements, building on nearly two decades of collaboration.
• Tropical Energies Corporation (TRENCO) and Windward Investment Ltd.divestedChannel Partner/ Reseller/ Distributor · 6 December 2024Petredec sold its 60% stake in Carib LPG Holdings Ltd. to an investor group led by TRENCO (a leading gas, water and energy solutions provider in Panama) and Windward (investment holding company of the co-founding Lewis family).
• CIMC SOE (Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd.)strategicOEM/ Whitelabel/ Licensing Partner · 21 November 2023Fortitude contracted CIMC SOE for construction of two 24,000 cbm ethane/ethylene-capable handy-size vessels delivering in March and July 2026, with options for two more. Vessels built to Fortitude's industry-leading specification.
• Vivo Energy ReuniondivestedChannel Partner/ Reseller/ Distributor · 2 May 2023Petredec divested its Reunion business (Petredec Reunion SAS and stake in KL Gaz Distribution) to Vivo Energy Reunion, which acquired the LPG distribution business and continues operations under the Vivo Energy umbrella.
• Bidvest Tank TerminalscoreStrategic or Co-development Partner · 1 January 2020Partnership with Bidvest Tank Terminals for the 22.5 kt Richards Bay LPG terminal in South Africa, launched in 2020. Bidvest provides terminal infrastructure expertise as part of this joint venture.

Scale indicators7 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• BW LPG: World's largest owner and operator of VLGCs with approximately 40 vessels, listed on Oslo Stock Exchange. Directly comparable as a pure-play LPG shipping peer competing for global VLGC transportation contracts and time charters.
• Dorian LPG: Pure-play VLGC owner and operator listed on NYSE with 22 modern vessels. Direct competitor in the global VLGC spot and time charter market with comparable fleet profile.
• Avance Gas Holding: VLGC shipping company listed on Oslo Stock Exchange with a modern fleet including dual-fuel VLGCs. Closely comparable as a younger, eco-efficient VLGC peer competing in the same charter market.
• Navigator Holdings: Handy-size gas carrier operator transporting LPG, petrochemicals, and ammonia globally. Comparable to Petredec's Fortitude division given similar vessel types, cargoes, and customer segments in petrochemical gas shipping.
• Doric Maritime: Greek-based shipping company operating LPG carriers and product tankers. Direct competitor in handy-size LPG and petrochemical gas shipping segments, with comparable cargo flexibility.
• Stealthgas: LPG carrier operator with a fleet of smaller product and LPG tankers. Adjacent peer in LPG shipping market, though focused on smaller vessel sizes than Petredec's VLGC fleet.

Broad incumbents

• Royal Vopak: World's largest independent tank terminal operator with global infrastructure. Comparable to Petregaz's LPG terminal storage and throughput business, though Vopak is diversified across chemicals, oil products, and gas.
• VTTI: Independent storage terminal operator owned by Vitol and IFM. Comparable to Petregaz's LPG terminal operations and broader downstream infrastructure footprint across multiple geographies.

Regional players

• Vivo Energy: Pan-African downstream fuel and lubricants retailer with Shell heritage. Comparable to Petrefuel's retail fuels and lubricants business in South Africa, with overlapping LPG distribution operations across African markets.
• Oryx Energies: African LPG and downstream energy distributor with marketing presence across multiple African markets. Comparable customer segment and product offering in LPG marketing and distribution, and a named customer of Petregaz.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/petredec-ltd
• Xx.com/petredecltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petredec