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MISC and Zhejiang Satellite Petrochemical finalises VLEC deal

Zhejiang Satellite Petrochemical has announced that it has finalised a deal to transfer the ownership of six 98,000 cu m VLECs to Malaysian national shipping group MISC.

According to Zhejiang Satellite, it has received the transfer of RMB1.553bn ($227m) from MISC to cover the down payment the company made to the shipyards at the beginning stage of the ship construction, and the deal has been completed.

The six VLECs are currently under construction at South Korean yards Hyundai Heavy and Samsung Heavy.

Earlier this month, Pang Tian, one of the three VLECs under construction at Hyundai Heavy suffered water ingress and listed starboard after the Typhoon Maysak hit the region. Delivery of the vessel is expected to be delayed.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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