Chinese shipyard won 2 VLEC orders from Satellite Petrochemical

On September 9, Tianjin Southwest Maritime Limited signed a contract for the construction of two 98,000 cubic meters of VLECs with Jiangnan Shipbuilding.

The order marks Southwest Maritime's entry into the VLEC market. The company currently has a fleet of 22 ships, consisting of 17 LPG vessels and five oil tankers.

Tianjin Southwest Maritime signed a term chartering contract with Zhejiang Satellite Petrochemical on Aug. 21 for two vessels for 15 years with a total rent of about $500 million.

The new ship will provide raw material transportation services for the second phase of Lianyungang petrochemical project and logistics transportation services for the company's trading business.

Last month, a subsidiary of Satellite Petrochemical signed two VLEC construction contracts with Hyundai Heavy Industries and Samsung Heavy Industries on August 24, with a total value of about $4.41. STL also hopes to sell ownership of the four new ships in a sale-leaseback deal.

Previously, Satellite Petrochemical subsidiaries had already built six ships at Samsung Heavy Industries and Hyundai Heavy Industries to be transferred to MISC BERHAD and its wholly-owned subsidiary Portovenere and Lerici (Singapore) sign a ship chartering agreement to provide logistics and transportation services for the first phase of Lianyungang project.

Source: Sarah Yu, XINDE MARINE NEWS

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