MISC takes delivery of its first VLEC

The VLEC, Seri Everest, is the first in a series of six units that MISC ordered in July 2020. The six newbuildings have secured time charters with China’s Zhejiang Satellite Petroleum Co (STL).

“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,” said Yee Yang Chien, president and group ceo of MISC.

He added: “We are also pleased that Seri Everest is delivered according to schedule amidst the disruption caused by the global Covid-19 pandemic.”

Seri Everest will be chartered to STL for a firm period of 15 years and managed by Eaglestar Shipmanagement Gas (S).

As the second generation VLECs, Seri Everest and the other five VLECs are the largest vessels of its kind in the world.

MISC said the VLECs serve as a more economical and viable solution for large scale ethane transportation with more than 98,000 cu m of capacity.

The Korean shipyards SHI and Hyundai Heavy Industries are constructing the remaining five VLECs scheduled to be delivered in the first half of 2021.