Zhejiang Satellite Petrochemical seeks buyer for six VLEC newbuilds –

Chinese company Zhejiang Satellite Petrochemical has announced a plan to sell six 98,000 VLECs and charter them back for shipping operations between China and the US.

According to Satellite Petrochemical, the company entered into an agreement in 2017 to set up a raw material export facility in the US for its petrochemical project in Lianyungang. The company entered into a charter agreement in 2018 with Delos Energy Transportation for six VLEC newbuildings under construction at two South Korean yards, Hyundai Heavy and Samsung Heavy.

Satellite Petrochemical later cancelled the charter contract with Delos, claiming Delos failed to make payment according to the newbuild contract and the company took over the ownership of the six ships to ensure their timely delivery.

Now Satellite Petrochemical is looking for new owners to take over the ownership of the vessels and charter them back to the company. 

The total price for the six vessels is $717.28m, and all six are set for delivery this year.

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