VLEC Due for Delivery Next Month Incurs Serious Damage

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  • A very large ethane carrier (VLEC) newbuilding under construction at South Korean yard Hyundai Heavy Industries (HHI) has been damaged by Typhoon Maysak.
  • The 98,000 cu m VLEC Pang Tian suffered water ingress and listed to starboard.
  • The vessel is one of the three VLECs under construction at HHI, ordered by China’s Zhejiang Satellite Petrochemical.
  • Malaysia’s MISC recently agreed to take over the ownership of a total of six VLECs from China’s Zhejiang Satellite Petrochemical and charter them back to the company for a period of 15 years.

A very large ethane carrier (VLEC) under construction at South Korean Hyundai Heavy Industries (HHI) has been damaged by a recent typhoon Maysak, reports Splash247.

The vessel, named Pang Tian, is a 98,000 cbm VLEC, and was scheduled for delivery in October 2020.

Typhoon hits VLEC

According to South Korean media, the ship was damaged after the typhoon made landfall on Thursday, September 3.

The moored ship started to bump against the peer due to high winds breaching the ship’s hull and causing water ingress.

As a result, the newbuilding reportedly started tilting to its starboard. However, it appears that the vessel has stabilized.

The ship is valued at $122.8 million, according to the estimates from VesselsValue.

Six vessel deal

Pang Tian was bought by MISC Berhad, a Malaysia-based provider of energy-related maritime solutions and services, earlier this year, from China-based Zhejiang Satellite Petrochemical as part of a six VLEC vessel purchase deal.

MISC told that it has not yet taken official ownership of the vessel and that it was yet to determine the details of the damage the ship had suffered.

To remind, in January 2020 MISC invested $726 million to buy the ships, which were then chartered to STL for a firm period of fifteen years. The charters for the VLECS are expected to commence in the fourth quarter of 2020.

South Korean shipyards, Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI) are each constructing three vessels from the series.

Typhoon Maysak

Maysak made landfall on the Korean peninsula after wreaking havoc in Japan’s Ryukyu Islands.

According to Accuweather, Maysak is the strongest typhoon of the season with sustained winds reported up to 176 km/hour.

  • A livestock carrier sailing with 43 crew members and over 5,800 cattle on board sunk west of Amami Ōshima Island in southwest Japan on September 2 during the typhoon.
  • The crew included 39 Filipinos, two Australians, and two New Zealanders.

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Source: Splash247

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