INEOS Europe AG and IINO Kaiun Kaisha Ltd. (“IINO Lines”) have today signed long-term time charter agreements for two 99,000cbm (cubic metre) VLECs (Very Large Ethane Carriers). IINO will deliver the vessels to INEOS in 2025 and 2026.
In addition to other commitments recently announced by INEOS, this deal will help bring INEOS’ ethane fleet to a total of 18 vessels, including ten VLEC and eight Dragon Class ethane carriers, expected to be the largest ethane fleet in the world.
Meanwhile, this deal will represent IINO’s first venture into Very Large Ethane Carriers, with the company adding to a fleet of 97 vessels and building on more than 60 years of experience in gas shipping.
David Thompson, CEO of INEOS Trading & Shipping, said: “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. We are very pleased about this new long-term partnership.”
Hiromi Tosha, President IINO Lines of said: “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. INEOS is a leading global manufacturer of petrochemicals, speciality chemicals and oil products with a high awareness of environmental impact and safety, and we look forward to building a long-term, good relationship with INEOS.”