PetroChina, CMES ink long-term charter deal for LNG carrier duo

State-owned PetroChina has signed a long-term charter deal for two liquefied natural gas (LNG) carriers with compatriot China Merchants Energy Shipping (CMES), a unit of China Merchants Group.

According to a statement by PetroChina International, the two firms signed the deal in Shanghai on Tuesday.

The charter period is 25 years and includes two 175,000-cbm LNG carriers, the company said.

This is the first time for the two firms to cooperate in LNG transportation, and also the longest chartering period of both parties, PetroChina said.

PetroChina did not provide any additional information regarding the deal.

This charter deal is related to the eight 175,000-cbm LNG carriers CMES ordered at China’s Dalian Shipbuilding Industry (DSIC).

DSIC started building the first LNG carrier in this batch in June.

CMES said in a separate statement that it has ordered the two chartered LNG carriers at DSIC in December last year. These two LNG carriers are each worth about $235 million.

The charter price is based on the current market rate of modern LNG carriers, CMES said.

All of the eight LNG carriers will be 295 meters long and 46.4 meters wide, with a design draft of 11.5 meters and a speed of 19.5 knots, according to DSIC.

The vessels feature the latest LNG dual-fuel low-speed main engine with integrated ICER system, a reliquefaction unit, and GTT’s Mark III Flex membrane containment system, it previously said.

CMES will take delivery of all of these LNG carriers during 2025-2027.

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