KUALA LUMPUR (Oct 30): MISC Bhd has taken delivery of Seri Everest, the first of six very large ethane carriers (VLECs) that the group purchased in July, at the Samsung Heavy Industries shipyard in Geoje, South Korea.

In a statement, the group said it had also entered into time charter parties with Zhejiang Satellite Petrochemical Co Ltd (STL) for the six VLECs to operate in international waters.

“Seri Everest has the capacity of transporting large-scale ethane over long distances while ensuring the highest level of safety and reliability.  

“We hope to continue to capitalise on this opportunity as we are confident that we will gain a strong foothold to cater to the increasing demand in this niche segment,” said MISC group chief executive officer Yee Yang Chien.

He also said that the group was pleased that the vessel was delivered on schedule despite the disruption caused by the COVID-19 pandemic.

The vessel will be chartered to STL for a firm period of 15 years and managed by Eaglestar Shipmanagement Gas (S) Pte Ltd.

The six VLECs are the largest vessels of their kind in the world and serve as a more economical and viable solution for large-scale ethane transportation with more than 98,000 cubic metres of total cargo capacity.

The remaining five VLECs are scheduled to be delivered in the first half of 2021.

MISC’s share price fell 16 sen or 2.37% to RM6.59, giving it a market capitalisation of RM29.42 billion.