MISC Group takes delivery of world’s largest VLEC

The VLEC named as "Seri Everest", is the first from a series of six VLECs that MISC purchased in July 2020.

At the same time, MISC had also entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co. Ltd. (STL), for the six VLECs to operate in international waters.

"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. We are also pleased that Seri Everest is delivered according to schedule amidst the disruption caused by the global COVID-19 pandemic."

...Mr. Yee Yang Chien, President and Group Chief Executive Officer of MISC said.

Following its successful delivery, Seri Everest will be chartered to STL for a firm period of 15 years, as it will be further managed by Eaglestar Shipmanagement Gas (S) Pte. Ltd.

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

The VLECs serve as a more economical and viable solution for large-scale ethane transportation with more than 98,000 cbm of total cargo capacity. Both shipyards in Korea, SHI and Hyundai Heavy Industries Co., Ltd., are constructing the rest of the five VLECs scheduled to be delivered in the first half of 2021.