MISC tied to $312M HD Hyundai deal for ‘world’s largest’ ethane carriers

MISC Berhad (MISC), Malaysia’s energy-related maritime services provider, has been linked to an order for two dual-fuel very large ethane carriers (VLECs) to be built by South Korea’s titan HD Hyundai Heavy Industries.

As confirmed by HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in a stock exchange filing, the two ethane carriers are set to be constructed at the shipyard in Ulsan. They were booked in a deal valued at KRW 458.8 billion (around $312 million) in late February 2025.

According to MISC, once finished, the VLECs—boasting a 100,000 cbm capacity—could rank “among the largest of their kind in the world.”

The newbuildings are scheduled for delivery by the end of 2028. After the handover, MISC unveiled that the units would go on a long-term charter with Thai state-owned oil and gas player PTT Public Company Limited (PTT).

PTT reportedly plans to use the gas carriers to cover the transportation needs of its potential offtake from ethane export facilities in the United States to Thailand. Beyond this, the VLECs are also described as capable of carrying ethylene and liquefied petroleum gas (LPG).

Featuring dual-fuel ethane propulsion engines, the newbuilds are anticipated to ‘significantly’ slash greenhouse gas (GHG) emissions, whilst remaining compliant with the International Maritime Organization’s (IMO) Tier III nitrogen oxide (NOx) regulations.

As informed, in addition to this, the vessels will be outfitted with shaft generator technology, which harnesses power from the main engine for onboard use. The technology is believed to ‘considerably’ cut both fuel consumption and emission levels.

As the maritime industry steadies its course toward net zero, MISC Berhad has made efforts to keep pace. With a growing appetite for alternative fuels, the company placed an order for the ‘world’s first’ ammonia dual-fuel Aframax tanker duo last year.

Specifically, MISC booked the units via its petroleum arm AET in April 2024 at Dalian Shipbuilding Industry (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC).

Back then, the Malaysian player revealed that the tankers would go on a time charter with compatriot PETCO Trading Labuan Company (PTLCL), Petronas’ midstream services arm.

In May 2024, it was confirmed that Swiss marine engine developer WinGD was commissioned to supply its X‑DF‑A ammonia-fueled engines for MISC’s Aframaxes.

As understood, this order built on a previous cooperation between WinGD and AET from July 2023, when the two parties joined forces to enable clean-energy ship operations. To this end, WinGD and AET said they would work together on technology development and training for crew in partnership with ALAM, which is operated and managed by MISC’s Malaysian Maritime Academy.

The collaboration was described as an effort to ‘better’ prepare for ammonia-fueled vessels entering service in the near future.