Posted on August 23, 2023
China’s Dalian Shipbuilding has won an order for two firm large-scale liquefied natural gas (LNG) carriers from a recently created joint venture. The order comes with options for two more vessels.
Earlier this year China Gas created a joint venture with Hong Kong’s CSSC Shipping and Wah Kwong Maritime Transport Holdings to acquire a pair of LNG carrier newbuilds.
The JV named Sea Jade Investment Limited set up two vessel-owning vehicles to order the vessels from a third-party shipbuilder.
China Gas’ subsidiary China City Gas will hold a 30% stake in the JV. Fortune, owned by CSSC Shipping, the leasing arm of state-owned China State Shipbuilding Corporation, has a 25% stake, while the remainder is with Vantage, a division of Wah Kwong Maritime.
The companies on Monday formally signed a deal with Dalian Shipbuilding for up to four LNG carriers.
The ships are independently developed by Dalian, with a total cargo capacity of 175,000 cubic meters. It will have GTT’s Mark III Flex cargo containment system and four cargo tanks.
The vessels will have two WinGD LNG dual-fuel low-speed main engines and an iCER system which can meet the emission standards of the International Maritime Organization.
As previously agreed by the JV, the vessels will go on charter with Gas Hongda Energy Trading after delivery, a subsidiary of China Gas Holdings, for 20 years at a daily rate of between $80,000 and $100,000.