MISC takes delivery of first VLEC

MISC Berhad (MISC) has taken delivery of its first Very Large Ethane Carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea. Seri Everest is the first from a series of six VLECs under construction that MISC purchased in July 2020.

Concurrently, MISC had also entered into Time Charter contracts with Zhejiang Satellite Petrochemical (STL) for the six VLECs to operate in international waters.

Yee Yang Chien, President and Group Chief Executive Officer of MISC said, “We are proud to welcome Seri Everest, our first VLEC into MISC’s existing fleet. With this first delivery, our VLEC has set a new benchmark in the ethane market. Seri Everest has the capacity of transporting large scale ethane over long distance while ensuring the highest level of safety and reliability. We hope to continue to capitalise on this opportunity as we are confident that we will gain a strong foothold to cater to the increasing demand in this niche segment. We are also pleased that Seri Everest is delivered according to schedule amidst the disruption caused by the global COVID-19 pandemic. This successful delivery reflects the industry’s resilience in picking up its momentum with the commitment to safety by all parties. I would like to thank everyone who has contributed to this achievement”.

Seri Everest will be chartered to STL for a firm period of 15 years and managed by Eaglestar Shipmanagement Gas. As the second generation VLECs, Seri Everest and the other five VLECs are the largest vessels of their kind in the world. The VLECs serve as a more economical and viable solution for large-scale ethane transportation with more than 98,000m3 of total cargo capacity. Two shipyards in Korea, SHI and Hyundai Heavy Industries are constructing the remaining five VLECs scheduled to be delivered in the first half of 2021.

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