Mitsui OSK Lines (MOL) has entered into an agreement to co-own six very large ethane carriers (VLECs) with Reliance Ethane Holding, wholly-owned by Reliance Industries.
Zhejiang Satellite Petrochemical ordered six VLECs at Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI).
China’s ICBC Leasing has entered into financing deals worth a total of $1.1bn with France’s Jaccar Holdings and Belgian reefer firm Seatrade for the construction of 10 ships.
A number of shipowners in the gas sector are eyeing the potential of the nascent ethane shipping and VLEC market on the back of the shale gas revolution.
Jaccar Holdings and Hartmann Group are forming a joint venture in Singapore to commercially manage ethane carriers.
Classification society ABS has been selected to class a series of very large ethane carriers (VLECs) built at Samsung Heavy Industries for India’s conglomerate Reliance.
The development of the ethane transport market has been quite dynamic for some time in Europe, but the trend in Asia has been somewhat more measured. This week’s commitment by Reliance Industries to a project to import 1.5m tonnes of ethane to feed its crackers in India, is the first major announcement in this segment.