Global manufacturing company INEOS Europe AG and Tokyo-based shipping company IINO Kaiun Kaisha, known as IINO Lines, have signed long-term charter agreements for two very large ethane carriers (VLECs).
Under the agreement signed on 30 November, IINO will deliver the two 99,000 cbm VLECs to INEOS in 2025 and 2026.
This deal will help bring INEOS’ ethane fleet to a total of 18 vessels, including ten VLEC and eight Dragon class ethane carriers. The company expects it to be the largest ethane fleet in the world.
At the same time, the agreement represents IINO’s first venture into VLECs, with the company adding to a fleet of 97 vessels and building on over 60 years of experience in gas shipping.
David Thompson , CEO of INEOS Trading & Shipping, said: “This deal is another major step forward for INEOS Trading & Shipping, and signifies our ongoing growth in ethane trade. IINO Lines are a highly experienced ship owner, with a strong focus on safety, reliability, and efficiency. We are very pleased about this new long-term partnership.”
Hiromi Tosha , President of IINO Lines, added: “This is a brilliant milestone for IINO in terms of transporting liquefied ethane gas, a new liquefied gas cargo, and we also believe that it will contribute to the expansion of our new energy transportation business.”
INEO recently announced it secured long-term charter deals with Pacific Gas for four VLECs. Earlier this year, INEOS and Pacific Gas also launched the two largest VLECs in the world: the Pacific INEOS Belstaff , and the Pacific INEOS Grenadier.