Zhejiang Satellite Petrochemical orders four VLECs at South Korean yards

The contract price for the four vessels is $441m, equating to $110.25m per vessel.

Four subsidiaries of the company, Pangtian (Hong Kong) Company and Pangxin (Hong Kong) Company signed shipbuilding contract with Hyundai Heavy Industries to build one ship respectively, while Xinren (Hong Kong) Company and Xinxiu (Hong Kong) Company signed contract with Samsung Heavy Industries to build one ship respectively.

The vessels are scheduled for delivery starting from the second quarter of 2022 from HHI and SHI.

The four vessels could provide materials supply service for the company’s Lianyungang petrochemical project and support the company to further expand import and export business, said Zhejiang Satellite Petrochemical.

The company’s second phase Lianyungang petrochemical project would totally need six ships to transport materials. Two of the ships were chartered from Tianjin Southwest Shipping.