MISC wins PTT vessel charters, HD Hyundai Heavy Industries will fabricate the newbuilds
KUALA LUMPUR : Malaysia’s MISC, a subsidiary of national energy giant Petronas, has secured long-term Time Charter Parties (TCP) with Thailand’s PTT for two newbuild Very Large Ethane Carriers (VLECs).
The VLECs will be serving the transportation needs of PTT’s potential offtake from ethane export facilities in the US to Thailand.
The vessels, which will be constructed by South Korea’s HD Hyundai Heavy Industries, are scheduled for delivery by the end of 2028. Once completed, these 100,000-cubic metre VLECs will rank among the largest of their kind in the world, noted MISC.
Designed with dual-fuel ethane propulsion engines, these vessels are engineered to reduce greenhouse gases compared to conventional vessels and complies with the International Maritime Organisation’s Tier 3 nitric oxide regulations.
The VLECs will be equipped with Shaft Generator technology, which harnesses power from the main engine for onboard use, significantly reducing both fuel consumption and emission levels.
MISC added that these innovative features reflect the company’s commitment to sustainable shipping and supports its efforts to reduce emissions across its operations.
Beyond their primary role of transporting ethane, the VLECs are also capable of carrying ethylene and liquefied petroleum gas in the membrane cargo tanks at a cryogenic temperature of minus-104 degrees Celsius via the GTT Mark 3 containment system.
“The TCP will contribute towards the expansion of MISC’s portfolio in the global ethane export market,” commented MISC chief executive, Zahid Osman.
“As a trusted partner, we are committed to delivering best-in-class shipping solutions that meet the evolving needs of the global energy industry safely and efficiently. PTT’s decision to partner us reflects their confidence and trust in MISC.”
Financial details of the TCP and HD Hyundai Heavy Industries’ contract were not disclosed.
MISC said that the addition of these state-of-the-art VLECs accelerates the company’s efforts to rejuvenate its portfolio and strengthen the resilience of its revenue generators.
By diversifying into the ethane export market, MISC said it is not only expanding its footprint in the global energy industry but also ensuring a more robust and sustainable revenue stream, which aligns with the company’s long-term vision to deliver progress through innovative and forward-thinking solutions.