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Tianjin Southwest Maritime orders VLEC pair for Zhejiang Satellite charter

Tianjin Southwest Maritime has entered into shipbuilding contracts with Jiangnan Shipyard for the construction of two 98,000 cu m VLECs for a long-term charter contract with Zhejiang Satellite Petrochemical.

Last month, Satellite Petrochemical fixed an additional six VLECs through new orders for four newbuildings at Hyundai Heavy Industries and Samsung Heavy Industries and a 15-year charter contract with Tianjin Southwest.

The order marks Tianjin Southwest’s entry into the VLEC market. The company currently owns a fleet of 22 vessels made up of 17 LPG carriers and five tankers.

Satellite Petrochemical is also looking to sell the ownership of the four new vessels through a sale-and-leaseback deal.

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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