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GTT nets LNG tank gig from China’s DSIC

By LNG Prime Staff
GTT nets LNG tank gig from DSIC
For illustration only (Image: GTT)

French LNG containment giant GTT has secured a tank design order from China’s shipbuilder DSIC for two 175,000-cbm LNG carriers.

GTT said in a statement on Wednesday it has secured the contract in the second quarter of 2024.

DSIC will build the two LNG carriers for Ocean Jade Investment, a joint venture between Hong Kong shipowner Wah Kwong, Chinese leasing company CSSC (Hong Kong) Shipping, and China Gas Holdings.

Also, the tanks of the LNG carriers will be fitted with GTT’s Mark III Flex membrane containment system.

The delivery of the vessels is scheduled between the first and the second quarters of 2028.

In April this year, China Gas, Wah Kwong Maritime Transport, and CSSC Shipping officially signed the shipbuilding deal with DSIC.

The first JV, Sea Jade Investment, ordered two 175,000-cbm LNG carriers at DSIC in August last year for delivery in 2027.

Besides GTT’s Mark III Flex membrane containment system, the vessels will feature WinGD dual-fuel low-speed engines with integrated ICER system and a reliquefaction unit.

China Gas charter

In March, Hong Kong-based natural gas operator and distributor, China Gas, said that its unit China City Gas has entered into a joint venture agreement with Wah Kwong Maritime’s Summit Energy and CSSC (Hong Kong) Shipping’s Fortune Clean Energy.

China City Gas has a 30 percent stake in the JV, Summit Energy owns 45 percent, and Fortune Clean Energy owns 25 percent.

According to China Gas, the Ocean Jade Investment JV will set up two wholly-owned special purpose vehicles for the purpose of acquiring and owning each of the LNG vessels.

China Gas said at the time that its unit expects to commit $142.8 million in the new company.

Based on its 30 percent share, it could mean that the LNG carriers are each worth a bit more than $235 million.

Following delivery, the JV’s two new LNG carriers will also serve China Gas Hongda Energy Trading, a unit of China Gas, under 20-year charter deals, China Gas said.

The charter hire for each LNG carrier will be at a daily hire rate of about $87,000 to $100,000 per month, it said.

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