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All 12 ultra-large ethane carriers for the Lianyungang ethylene project have found their bidders

 Last Update: 2022-08-25
 Source: Internet
 Author: User

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Following Malaysia's MISC and Tianjin Southwest Shipping, Zhejiang Satellite Petrochemical's last four world's largest very large ethane carriers (VLECs) have found a successor

Satellite Petrochemical and EPS sign 4 VLEC transfer agreements

On October 24, Satellite Petrochemical released an announcement on the company's signing of a ship transfer agreement and a transportation service agreement, and signed a transfer agreement with Singapore shipowner EASTERN PACIFIC SHIPPING (EPS) for 4 VLECs that are being built by South Korean ship companies

The announcement stated that Xinxiu (Hong Kong) Co.
, Ltd.
, Xinren (Hong Kong) Co.
, Ltd.
, Pangtian (Hong Kong) Co.
, Ltd.
and Pangxin (Hong Kong) Co.
, Ltd.
, subsidiaries of Satellite Petrochemical, and EPS, South Korea’s Samsung Heavy Industries, and South Korea’s Hyundai Heavy Industries have already The transfer agreement was signed, in which the construction contract for the two VLECs of Samsung Heavy Industries was 221 million US dollars, and the construction contract of the two VLECs of Hyundai Heavy Industries was 220 million US dollars

Based on the above ship transfer, Satellite Petrochemical and the four EPS signatories signed a ship time charter transportation service agreement to provide logistics and transportation services for the Lianyungang petrochemical project and satellite petrochemical trading business.
The transportation service will start from the second quarter of 2022.
The lease term is In 15 years, the total value of the agreement is about 1 billion US dollars

Ordered a total of 12 world's largest VLECs for the Lianyungang petrochemical project

Satellite Petrochemical plans to build an ethane cracking-to-ethylene plant in Lianyungang

In March last year, in order to meet the transportation needs of the first phase of the Lianyungang petrochemical project, Satellite Petrochemical has signed three VLEC orders with Samsung Heavy Industries and Hyundai Heavy Industries in March 2019

The second phase of the project is planned to be completed and put into trial production in mid-2022

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