MISC takes delivery of its first and World's largest VLEC, SERI EVEREST

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escveritas
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MISC takes delivery of its first and World's largest VLEC, SERI EVEREST

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MISC Berhad (MISC) has taken delivery of its first Very Large Ethane Carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020. Concurrently, MISC had also entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co. Ltd. (STL), for the six VLECs to operate in international waters.

Mr. Yee Yang Chien, President and Group Chief Executive Officer of MISC said, “We are proud to welcome Seri Everest, our first VLEC into MISC’s existing fleet. With this first delivery, our VLEC has set a new benchmark in the ethane market. Seri Everest has the capacity of transporting large
scale ethane over long distance 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.”

“We are also pleased that Seri Everest is delivered according to schedule amidst the disruption caused by the global COVID-19 pandemic. This successful delivery reflects the industry’s resilience in picking up its momentum with the commitment to safety by all parties. I would like to thank
everyone who has contributed to this achievement”, he added.

Seri Everest will be chartered to STL for a firm period of 15 years and managed by Eaglestar Shipmanagement Gas (S) Pte. Ltd. As the second generation VLECs, Seri Everest and the other five VLECs are the largest vessels of its kind in the world. The VLECs serve as a more economical
and viable solution for large-scale ethane transportation with more than 98,000 cbm of total cargo capacity. Both shipyards in Korea, SHI and Hyundai Heavy Industries Co., Ltd., are constructing the rest of the five VLECs scheduled to be delivered in the first half of 2021.
escveritas
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Re: MISC takes delivery of its second VLEC, SERI ERLANG

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MISC Berhad (MISC) has taken delivery of Seri Erlang, its second Very Large Ethane Carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea. Purchased by MISC in July 2020, this VLEC is the second of the six contracted VLECs, purpose-built for longterm charter to Zhejiang Satellite Petrochemical Co. Ltd. (STL).

Seri Erlang will join her sister vessel - Seri Everest to safely transport ethane from U.S to China to support STL’s ethane cracker facility in China. Both VLECs are managed by MISC’s shipmanagement arm, Eaglestar Shipmanagement Gas (S) Pte. Ltd.

Mr. Yee Yang Chien, President and Group Chief Executive Officer of MISC said, “We are pleased indeed to make a brilliant start at the very beginning of 2021 with the safe delivery of Seri Erlang. My sincere appreciation for the commitment and seamless collaboration of all parties involved in the delivery of MISC’s second VLEC. This shared success is premised on our strategy to support the expanding ethane market requirements. We look forward to the delivery of the remaining four (4) VLECs as we progress into 2021. Commencing the year on strong tailwinds, we remain positive for favourable developments in the industry and more opportunities in Asia, which has now become a vital demand centre for the ethane market.”

With more than 98,000 cbm of total cargo capacity, Seri Erlang is equipped with a highly efficient reliquefaction unit and a unique high-pressure ethane fuel supply system. The newbuild is powered by a MAN B&W 7G60ME-C9.5-GIE Gas Injection Ethane engine, complemented with the latest Pump Vaporiser Unit (PVU), making her one of the very few vessels in the world with ethane burning capability.

Built with a cargo containment system for dual cargo loading, Seri Erlang is also delivered with LNG Ready notation by ABS where the VLEC can be upgraded to trade liquefied natural gas (LNG) cargoes in the future.

Seri Erlang and Seri Everest will be joined by their four sisters to be delivered throughout the first half of this year. Upon delivery of all the VLECs, MISC will be the largest transporter of ethane in the world. Seri Everest which is currently the largest operating VLEC in the market was recently recognised as one of the ‘Great Ships of 2020’ in the Maritime Reporter and Engineering News.
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Re: MISC takes delivery of its first and World's largest VLEC, SERI EVEREST

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Kuala Lumpur, 19 January 2021, Tuesday
SERI EVEREST COMPLETES FIRST CARGO LOADING

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MISC’s first Very Large Ethane Carrier (VLEC) - Seri Everest has successfully completed her inaugural full cargo loading which was the largest loading of ethane in the history of ethane shipping to date. This landmark loading was successfully completed on 17 January 2021. The cargo was loaded under the expert supervision of Eaglestar, the appointed shipmanager at the newly constructed Orbit Ethane Export Terminal in Nederland, US. Seri Everest is the first second generation VLEC to export ethane out of the new terminal.

MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said, “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. 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.”

“This successful feat would not have been possible without the hard work and dedication of our project team and the crew of Seri Everest. I am proud of these accomplishments and would like to congratulate the teams at shore and the crew at sea for this success. This historic milestone demonstrates our commitment to our client and our delivery assurance in accordance to the highest safety and quality standards. My appreciation also goes out to all parties involved especially Energy Transfer, the operator of Orbit Terminal for ensuring the safety of the operation at the terminal,” he further added.
Seri Everest is currently on the return of her maiden voyage from the US to Lianyungang ethylene plant located at Jiangsu province, China. Throughout her 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.

Seri Everest is 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
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