Idan Ofer’s Eastern Pacific Shipping has made history as the first shipowner to order ultra-large ethane carrier (ULEC) newbuildings.
The contract for a new breed of ship, first uncovered by TradeWinds this summer, has been signed with China’s Jiangnan Shipyard.
The China State Shipbuilding Corp-controlled shipbuilder disclosed it had struck a deal with Eastern Pacific to build six 150,000-cbm ULECs.
Jiangnan did not disclose the price, but industry sources said the vessels carry a price tag of slightly more than $200m each.
Eastern Pacific was previously reported to have ordered the sextet against long-term charters from China’s Satellite Chemical. It was also understood to be working on two more ULECs at a different yard.
Jiangnan said the ULEC is the latest generation of extremely large ethane carriers independently developed and designed in-house.
The ULEC will be fitted with GTT Mark III membrane tanks for transporting ethane from US producers to China.
It added that the 150,000-cbm ethane carrier is equipped with a cargo containment system that can accommodate the loading of ethane, ethylene and LPG, as well as LNG.
The ULECs will be classed by the American Bureau of Shipping and are slated for delivery in 2027.
Jiangnan is the second Chinese shipbuilder to enter the ethane carrier segment.
It joined the sector in 2019 when it was contracted by Pacific Gas to build two 98,000-cbm ships.
According to Clarksons’ Shipping Intelligence Network, Jiangnan has the largest orderbook of ethane carriers with 39 newbuildings.
The global orderbook for the ship type stands at 50, of which HD Hyundai Heavy Industries is building nine vessels and Singapore-listed Yangzijiang Shipbuilding is constructing three.
