“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," stated Yee Yang Chien, President and Group Chief Executive Officer of MISC.

Seri Everest is the first in a series of six VLECs acquired by MISC in July 2020 to enter the global market for ethane.

At the same time, MISC and Zhejiang Satellite Petrochemical Co Ltd (STL) have entered into Time Charter Parties (TCPs) for the six VLECs to operate in international waters.

Seri Everest and the other five VLECs are the world's largest vessels of their kind, as are the second generation VLECs. With over 98,000 cbm of total cargo capacity, the VLECs serve as a more economical and viable option for large-scale ethane transportation.

The remaining five VLECs expected to be delivered in the first half of 2021 are being designed by the Korean shipyards SHI and Hyundai Heavy Industries (HHI).

As of 30 June 2020, the fleet of the MISC Group consisted of more than 100 vessels owned and chartered, consisting of liquefied natural gas ( LNG), petroleum and product vessels, 14 floating production systems (FPS) and two floating storage units (FSU) for LNG.

Maritime Business World