STL had to take over six VLECs last year after US shipowners broke contracts. STL announced that it intends to negotiate the chartering contract and transfer of six 98000 cubic metre very large ethane carriers (VLECs) with prospective shipowners.
 
The announcement said that the company signed a project cooperation agreement with the National East-West Regional Cooperation Demonstration Zone (Xuwei New Area, Lianyungang) on December 20, 2017.
 
Due to Delos's failure to pay the shipbuilding progress payment to fulfill the shipbuilding contract, Samsung Heavy Industries cancelled the transaction.
 
In order to ensure the construction period of the ship to be carried out as scheduled, STL terminated the original ship time charter agreement with the original owner, and negotiated with Samsung Heavy Industries and Hyundai Heavy industries.
 
At the same time, STL actively looking for interested shipowners to undertake shipbuilding contracts and negotiate ship chartering contracts.
 
The total cost of the six ships is $717.2 million, including three from Samsung Heavy Industries at $363.8 million and three from Hyundai Heavy Industries at $353.4 million.
 
Samsung Heavy Industries began delivery in October 2020, and Hyundai Heavy Industries began delivery in November 2020.
 
STL is the largest domestic and top five acrylic acid manufacturer in the world.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.