MISC breaks into VLECs with 'new China alliance'

Malaysian shipowner MISC Berhad has broken into the very large ethane carrier sector — taking ownership of six 98,000-cbm VLEC newbuildings ordered by Chinese chemical producer Zhejiang Satellite Petrochemical (STL).

The VLCC and LNG carrier owner said it has entered into memorandum of agreements with six indirect, wholly-owned subsidiaries of STL to buy the VLECs. MISC has paid $726m for the gas carriers.