Chinese shipbuilder Jiangnan has officially started building the first of two liquefied natural gas (LNG) carriers for Shandong Marine.
The shipbuilder said in a statement that a ceremony was held on February 13 to mark the start of the construction of the vessel (H2716).
Back in 2023, Taiping & Sinopec Financial Leasing (TSFL), a non-wholly owned subsidiary of China Taiping Insurance, and two special purpose vehicles (SPVs), Taiping 26 and Taiping 27, ordered two 175,000-cbm LNG carriers each worth $235 million at Jiangnan.
Jiangnan will deliver the first vessel by March 2027 and the second ship by July 2027.
As part of the finance lease agreements, Taiping 26 and Taiping 27 entered into bareboat charter deals with Shandong Marine Energy (Singapore) or SDME. The charters are for 15 years.
Prior to the delivery dates, Shandong Marine can also choose to exercise options to purchase the vessels.
These “LNG Jumbo” dual-fuel carriers will feature GTT’s Mark III Flex membrane system and a partial reliquefaction system.
They will be 298.5 meters long and 46 meters wide, with a depth of 26.5 meters.