I had to do some research on “ultra-light condensate” to figure out what we are talking about here since the author is too lazy to explain what it means. Apparently, it’s basically a liquid byproduct of natural gas extraction that is used as precursor material in gasoline or ethanol production, or in solvents and similar materials. I guess it could be used in plastics and other chemistry as well. I wish they just said “a light form of a natural gasoline derived from natural gas wells known as ultra-light condensate” in the first place.
Right. I think it might be better described as a light form of petroleum, somewhat similar to gasoline, but you are essentially on the right track. Condensate is also sometimes used to thin heavy oils for transport in pipelines and such.
Even if the author had just said something like “dangerously volatile condensate”, that would have improved the description of the situation.
It definitely is not something one wants a ship full of burning, especially if one is on the ship!