MISC Berhad, a Malaysia-based provider of energy-related maritime solutions and services, inked memoranda of agreement (MoA) with six subsidiaries of China-based Zhejiang Satellite Petrochemical for the purchase of six 98,000 cbm very large ethane carrier (VLEC) newbuilds.
Accordingly, MISC, Portovenere and Lerici (Singapore) (PLS) has entered into time charter parties with Zhejiang Satellite Petrochemical (STL) for the six VLECs for operations in international waters.
The former will purchase the ships for about $726 million and charter them to STL through PLS for a firm period of fifteen years. The charters for the VLECS are expected to commence in the fourth quarter of 2020.
South Korean shipyards, Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI), are each constructing three vessels.
