Photo credit: Ineos

The global petrochemicals manufacturer, Ineos has sealed a long-term time charter deal with Iino Kaiun Kaisha (Iino Lines) for two 99,000 cubic metre Very Large Ethane Carriers (VLEC), with delivery of the vessels to Ineos in 2025 and 2026.

INEOS Europe AG, part of Ineos group headquartered in London, which signed the charter agreements, will bring Ineos’ ethane fleet to a total 18 vessels, including ten Very Large Ethane Carriers and eight Dragon class vessels, to be the world´s largest ethane fleet, as it is said by the company.

The deal, as it was said, will represent IINO’s first venture into Very Large Ethane Carriers ownership, with the company adding to a fleet of 97 vessels, and building on more than 60 years of experience in gas shipping.

David Thompson, the CEO of INEOS Trading & Shipping, stated that “this deal is another major step forward for Ineos Trading & Shipping, and signifies our ongoing growth in Ethane trade. Iino Lines are a highly experienced ship owner, with a strong focus on safety, reliability, and efficiency”, as he said.

Furthermore Hiromi Tosha, President of Iino Lines added that “this is a brilliant milestone for Iino in terms of transporting liquefied ethane gas, a new liquefied gas cargo, and we also believe that it will contribute to the expansion of our new energy transportation business.”

Source: INEOS