Seaspan is set to push beyond its boxship roots with a debut entry into the very large ethane carrier (VLEC) market through a major newbuilding programme in China.

Shipbrokers say the Bing Chen-led owner has set sights on up to six 100,000 cu m VLECs at Jiangnan Shipyard, part of China State Shipbuilding Corp (CSSC). The project is understood to involve three firm ships and three options, with pricing around $149m per vessel. The ships are expected to be backed by a long-term charter to a major Chinese state oil company.

CSSC confirmed that a memorandum of cooperation has been signed involving Seaspan, Cosco Shipping LNG, CSSC Trading and Jiangnan Shipyard.

A VLEC order would mark a major strategic shift for Seaspan, the world’s largest independent containership lessor with more than 180 ships on the water and over 50 newbuildings in its pipeline.

The move follows a period of deepening links between Seaspan and CSSC, with multiple boxship orders placed across the group’s yards in recent years, including a 12-ship series of 9,000 teu vessels inked in August.

For CSSC, the project would extend Jiangnan Shipyard’s growing track record in the ethane carrier space. The yard has delivered some of the world’s largest VLECs, including the first IMO Type-B tank vessels.

Seaspan has been broadening its reach beyond boxships since late 2023, when it teamed up with Hyundai Glovis to enter the car carrier market with a series of large PCTCs. The VLEC move would bring it into yet another high-growth segment, supported by China’s expanding ethane import and cracker infrastructure.