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.