14 May 2013 09:21 [Source: ICIS news]
SINGAPORE (ICIS)--China’s first locally made ethylene carrier, which has started commercial operations, will ease the pressure of transporting the product in the domestic markets, industry sources said on Tuesday.
The vessel Yan Shun can transport up to 3,300 tonnes of ethylene, which will help Sinopec deliver its domestic and imported cargoes to China’s east and south regions, a source from China Jinshan Associated Trading said.
The company has chartered Yan Shun from Nanjing Tanker Corp, one of the ship’s investors, source added.
Chartering vessels to transport ethylene cargoes from one region to another is more convenient than the usual method of using land vehicles, the trader added.
The ships chartered by China Jinshan Associated Trading will help balance the allocation of Sinopec’s ethylene cargoes in the domestic market, the trader said.
The trader added that this will further improve the delivery of Chinese chemicals in Asia, making them more competitive.
A delivery ceremony for Yan Shun was held at Shanghai Jiangnan Shipyard, a subsidiary of Jiangnan Shipyard, on 8 May, a source close to the parent company said.
Jiangnan Shipyard started construction on Yan Shun on 28 May last year, the source added, but did not disclose financial details.
China Jinshan Associated Trading chartered Peng Shun, which is owned by Nanjing Tanker Corp, in November 2010 to transport ethylene within the domestic markets, one market source said. The charter’s validity period was not specified.
The trading firm is jointly owned by Sinopec’s Shanghai Petrochemical, Sinopec Chemical Products Sales Co and Shanghai Overseas Co at 67.33%, 22.67% and 10% respectively.
Additional reporting by Jessica Li
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