MISC’s new VLEC completes first and largest loading of ethane

Seri Everest, a very large ethane carrier (VLEC), has completed its inaugural full cargo loading which was the largest loading of ethane in the history of ethane shipping to date, Malaysian company MISC Berhad said.

On 17 January, the cargo was loaded under the supervision of Eaglestar, the appointed ship manager, at the newly constructed Orbit Ethane Export Terminal in Nederland, the United States.

Seri Everest is the first second-generation VLEC to export ethane out of the new terminal.

Delivered in late October 2020, the newbuild is also the first from a series of six VLECs that MISC purchased in July 2020. All the six VLECs are contracted to Zhejiang Satellite Petrochemical Co. Ltd. (STL) for a long-term charter of 15 years.

“We are pleased to add on another significant chapter at the start of 2021 with Seri Everest’s first loading which is a historic one indeed, given that this accomplishment marked the first cargo loading for the largest VLEC of its kind currently operating in the market,” Yee Yang Chien, MISC’s President & Group Chief Executive Officer, commented.

“I believe this is the start to many achievements ahead in serving the market needs for ethane. The steady increase in trading volumes has allowed us to gain the first mover advantage as our vessels offer more cargo capacity to accommodate production growth.”

Seri Everest is currently on the return of its maiden voyage from the US to the Lianyungang ethylene plant located in Jiangsu province, China.

Throughout its maiden voyage and during the operation, MISC and Eaglestar have adopted the new normal of robust safety measures and procedures including limited personnel onboard during operation, social distancing, and minimal close contact.

Earlier this month, MISC also accepted delivery of Seri Erlang, its second new VLEC, from South Korean Samsung Heavy Industries (SHI) shipyard.