Israel’s Zim charters ten LNG-powered ships from Seaspan

Israel’s Zim said on Friday it signed a deal with Seaspan to take on charter ten 15,000 TEU LNG-powered container vessels to serve its Asia-US East Coast trade.

Seaspan, a unit of Atlas Corp, placed the order for the dual-fuel ships at South Korea’s Samsung Heavy Industries.

Moreover, the Korean yard will start delivering the ultra-large LNG-powered vessels in the first half of 2023 after they will go on a 12-year charter with Zim.

LNG Prime was the first to report this development last week revealing that Zim has set its sight on 15,000 TEU LNG-powered containerships in order to comply with the new IMO rules and slash emissions.

ZIM chief Eli Glickman said this “milestone agreement” for the firm has a value in excess of one billion dollars.

In addition, he said the new vessels would allow the firm to meet growing market demand on the Asia-US East Coast trade but also help address environmental issues related to the industry and reduce the firm’s carbon footprint.

On the other hand, this also marks the first LNG-powered investment for Hong Kong-based Seaspan that plans to finance the vessels from additional borrowings as well as cash on hand.

Seaspan CEO Bing Chen said the company looks forward to the partnership with ZIM.

“This transaction signifies both ZIM’s and Seaspan’s commitment to ESG principles, carbon reduction, and resolve to contribute to a greener business community in the future,” Chen said.

Most Popular

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

NextDecade, Bechtel agree $9 billion EPC deals for two Rio Grande LNG trains

US LNG firm NextDecade and compatriot Bechtel have finalized EPC contracts worth $9.09 billion for the construction of the fourth and fifth trains and related infrastructure at the Rio Grande LNG facility in Texas.

Worley updates on CP2 LNG work

Australian engineering firm Worley has provided an update on its reimbursable EPC contract with US LNG exporter Venture Global LNG for the latter's CP2 LNG terminal in Louisiana.

More News Like This

Samsung Heavy cancels LNG carrier contract with Russia’s Zvezda

South Korean shipbuilding giant Samsung Heavy Industries has terminated contracts for 10 ice-class Arc7 LNG carriers and seven shuttle tankers with Russia's Zvezda.

Steel cut for Cedar’s FLNG in South Korea

South Korea’s Samsung Heavy Industries has officially started building Cedar LNG's floating LNG production unit, which will be installed in Kitimat, on Canada’s West Coast.

Basalt adds another LNG carrier to its fleet

UK-based infrastructure investment firm Basalt Infrastructure Partners has added the 180,000-cbm LNG carrier, Celsius Galapagos, to its fleet.

Samsung Heavy, KR to develop three-tank LNG carrier

South Korean shipbuilder Samsung Heavy Industries signed a memorandum of understanding with compatriot classification society KR to jointly develop a 174,000-cbm LNG carrier featuring three cargo tanks.