Chemicals giant Ineos has assembled what it claims is the world’s largest ethane carrier fleet through a newbuilding charter deal.
The UK company said it has agreed to long-term time agreements to operate two 99,000-cbm VLECs to be ordered by Japan’s Iino Lines at Hyundai Heavy Industries in South Korea.
This brings the Ineos ethane fleet to 18 ships — 10 VLECs and eight smaller Dragon-class units.
The transaction represents Iino’s first venture into VLECs.
The new ships will be delivered between October 2025 and January 2026.
Iino is not disclosing the exact cost due to confidentiality obligations with its partner, but it said the total will be at least $197m, or 30% of its net assets of JPY 91.33bn ($657m) at 31 March this year.
Recent orders of similar ships in China have cost $135m.
Iino has 97 vessels under its control, including smaller ethane ships, VLGCs, VLCCs and bulkers.
A 91,000-cbm VLGC is on order at Daewoo Shipbuilding & Marine Engineering for delivery next year, and a 23,000-cbm LPG carrier is due next year from Hyundai Mipo Dockyard.
The Japanese owner has more than 60 years of experience in gas shipping.
Major step forward
Ineos Trading & Shipping chief executive David Thompson called the deal another major step forward for the group, signifying growth in ethane trades.
“Iino Lines are a highly experienced shipowner, with a strong focus on safety, reliability and efficiency. We are very pleased about this new long-term partnership,” he added.
Iino president Hiromi Tosha called the agreement a “brilliant milestone” for his company.
“We also believe that it will contribute to the expansion of our new energy transportation business,” he added.
Ineos charters two VLECs and eight multigas/LNG carriers from Denmark’s Evergas, which is being bought by Canada’s Seapeak for $700m.
