Shipping Firms Form Ethylene Pool
Greek shipping group Eletson Gas and Danish operator Evergas have pooled their 15-strong fleet of modern gas carriers in an alliance that they said will provide more flexibility and more options for its petrochemical customers.
“The petrochemical market has a number of established trade routes that require critical mass to service properly. The cooperation with Evergas in the context of the E3 pool will give us the ability to offer our customers the high level of service and the optionality that they require,” commented Vassilis Kertsikoff, chairman and CEO of Eletson Gas.
CEO of Evergas, Steffen Jacobsen, said E3 will be “uniquely placed” to give a truly global service in this segment, adding: “We look forward to working with Eletson to develop our joint venture as a significant force within the ethylene and petrochemical markets.”
The E3 pool started trading on Jan. 30 from Eletson’s offices in Piraeus, Greece, and London, UK, and the Evergas offices in Copenhagen, Denmark, and Singapore. It will be expanded by a further four Handysize, ethylene-capable ships that will be delivered to Eletson Gas during 2017 and 2018.
The shippers said the ability to operate a larger fleet of semi-refrigerated/ethylene-capable vessels will cut costs by optimizing voyages and reducing greenhouse gas emissions as a direct consequence of using less fuel for cargo movements.
