Malaysian national shipping group MISC has entered into memorandum of agreements with China’s Zhejiang Satellite Petrochemical for the acquisition of six newbuild 98,000 cu m very large ethane carriers (VLECs).
The six VLECs, currently under construction at South Korean yards Hyundai Heavy and Samsung Heavy, were originally ordered by Delos Shipping with charters fixed to Satellite Petrochemical who later took over the ownership of the six ships.
Last month, Satellite Petrochemical announced plans to sell the six vessels with charter deals.
According to MISC, the company acquired the six vessels for a total price of $726m and signed time charter contracts with Satellite Petrochemical for the vessels for a period of 15 years, commencing from the fourth quarter of this year.
Splash understands that Satellite Petrochemical is currently in talks with Korean yards for more VLECs in order to meet its ethane transportation demands from its new plant in Lianyungang.
The deal also marks MISC’s entry into the VLEC sector.