Global Auto Carriers to order LNG-powered PCTCs in China

Global Auto Carriers (GAC), a new firm backed by Norway’s Gram Car Carriers, is to order four LNG dual-fuel PCTCs at China Merchants Jinling Shipyard in Weihai.

The order also includes options for an additional 2+2 vessels at the Chinese yard, according to a statement by Gram Car Carriers (GCC).

GCC only said that the 7,000 CEU vessels would have dual-fuel propulsion, but shipping sources confirmed to LNG Prime that the vessels would be LNG-powered.

F. Laeisz, AL Maritime, AS Clipper and a subsidiary of Surfside, all current shareholders of GCC, own the newly formed firm GAC.

In addition, GCC’s unit Gram Car Carriers Management has acted as commercial adviser during the formation of GAC.

GCC Management would receive warrants enabling an ownership stake in GAC of up to 7.5 percent as well as a 1 percent commission of the gross contract price for the vessels.

It would also serve as the commercial manager for the GAC fleet and would receive a lump sum commercial management fee and a 1 percent commission on the time charter earnings from the charters of each respective vessel.

GCC did not disclose any financial details.

The company expects that GAC would enter into the shipbuilding contracts for the four vessels in early second quarter of 2022.

Delivery of the PCTCs would take place from the fourth quarter of 2025 through the fourth quarter of 2026. Three of the option vessels have expected delivery in 2027 and one in 2028.

- Advertisements -

Most Popular

Adnoc buys stake in NextDecade’s Rio Grande LNG project

UAE’s Adnoc has purchased an 11.7 percent stake in the first phase of NextDecade's Rio Grande LNG export terminal...

Spot LNG shipping rates nearly flat, European prices drop

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained steady this week, while European prices...

TotalEnergies supplies LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from a unit of France's...

More News Like This

Chinese yard delivers LNG-powered ferry to Stena and Marine Atlantic

China Merchants Jinling Shipyard in Weihai has delivered Stena’s LNG-powered ferry Ala’suinu which will serve Canada’s Marine Atlantic. Sweden’s Stena...

Furetank places order for two more LNG-powered vessels in China

Swedish shipowner Furetank has completed its fleet renewal with the order of another two LNG-powered tankers at China Merchants...

EPS orders two more LNG-powered PCTCs in China

Singapore’s Eastern Pacific Shipping has ordered two more LNG-powered pure car and truck carriers from China Merchants Jinling Shipyard...

China Merchants yard kicks off work on Eastern Pacific Shipping’s LNG PCTC

China Merchants Jinling Shipyard in Weihai has started building the sixth LNG-powered pure car and truck carrier for Singapore’s...