MISC

MISC
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MISC Buys Six Ethane Carriers From Zhejiang Satellite Petrochemical for $726 Million

07/15/2020 | 06:18am

By Chester Tay

MISC Bhd. is buying six newly built Very Large Ethane Carriers, each with a capacity of 98,000 cubic meters, from Shenzhen-listed Zhejiang Satellite Petrochemical Co. for $726 million.

MISC's vessel-owning entity, Portovenere and Lerici (Singapore) Pte. Ltd., will charter the vessels to Zhejiang Satellite for 15 years to operate in international waters, it said Wednesday.

The charters for the vessels are expected to commence in the last fourth quarter of 2020. Samsung Heavy Industries Co. and Hyundai Heavy Industries Co., both shipyards in South Korea, are constructing three vessels each.

 

Write to Chester Tay at chester.tay@wsj.com

 

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