Classification society ABS has launched the industry’s first LNG Cargo Ready notation for ethane carriers in an effort to increase the flexibility of the next-generation of this vessel type.
The development was announced at a joint event with Gaztransport & Technigaz (GTT) during Gastech 2019 in Houston, highlighting progress towards delivering “LNG Cargo Ready” ethane carriers.
As explained, the notation confirms that an ethane carrier is capable of future modification to trade LNG cargoes. It identifies potential barriers and assesses LNG capability of equipment and systems installed on the very large ethane carriers (VLECs).
“Our work to make the next generation of ethane carriers more flexible and better able to adapt to developments in the international markets, underscores our focus on developing solutions that respond to the challenges faced by owners, charterers and operators while ushering in new concepts and fostering the latest technologies,” Patrick Janssens, ABS Vice President for Global Gas Solutions, commented.
“We are continuously developing solutions for the industry in order to provide more flexibility to ship-owners and charterers… We are glad to take this initiative with ABS by offering LNG cargo as an option for ethane shippers and notably for one of our clients that recently ordered six second generation VLECs,” Philippe Berterottière, Chairman and CEO of GTT, said.
“With the expected flurry of new orders for VLECs, the industry is looking for ways to de-risk project investments. One of the most viable options is to ensure newer VLECs can be used for transportation of LNG in the future,” Aditya Aggarwal, ABS Director, Global Gas Development, noted.
“The ship owners and investors require the necessary information in evaluating the capital risk to assess the need for additional future investments needed to “upgrade” the asset to carry LNG instead of ethane,” he added.
“The LNG readiness for VLEC is a promising way to overcome financial hurdles that stakeholders are facing on the nascent ethane shipping, and it is achievable at marginal cost,” Adnan Ezzarhouni, General Manager of GTT China, concluded.