In this study, a boil-off gas reliquefaction system that is a part of liquid ethylene gas (LEG) carriers is evaluated. The reliquefaction system is formed by two thermally interconnected two-stage refrigeration cycles. The working fluid of the bottoming cycle is ethylene; the working fluid of the topping cycle is propylene. The research is based on determining the irreversibilities in the reliquefaction system cycles using the entropy-cycle method of thermodynamic analysis. The impact of the process performance in the main components on the reliquefaction system energy efficiency has been evaluated by the entropy-cycle method. The greatest thermodynamic irreversibility is observed in the two-stage compression process of the bottoming cycle (9%), total throttling irreversibility in the reliquefaction system (8.5%), and vapor superheating at the suction into the low stage of the two-stage compressor of the bottoming cycle (8%). The results of the study showed that it is necessary to improve the design of expansion devices using the replacement of throttle devices with ejectors when designing cascade ethylene reliquefaction plants. In addition, when operating such systems much attention should be paid to the condition of the insulation of cargo pipelines and the parameters of the cooling system of the cargo compressor.