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U-Ming said in a statement that the two firms teamed up on the ownership of one LNG carrier under a joint venture company.
The 174,000-cbm vessel is already under construction at South Korea’s Samsung Heavy Industries.
It is scheduled for delivery in 2026.
U-Ming did not reveal further details in the statement.
However, a separate stock exchange filing reveals that U-Ming’s unit Oceanic LNG
Investment bought shares worth $37.37 million in KMU LNG Shipping.
KMU LNG Shipping is a 50 percent-owned JV company of Oceanic LNG Investment, it said.
The shipping company revealed last year that it aims to enter the LNG carrier market as part of its plans to increase its fleet to more than 100 vessels.
U-Ming said this diversification aligns with international environmental policies and customer demands, but it did not provide further details regarding the LNG carrier plans at the time.
The company operates a fleet of 79 vessels with a total deadweight of 9.5 million tons including bulk carriers, cement carriers, LR1 tankers, VLOCs, and CTVs, according to its website.
This includes four 190,000-dwt LNG dual-fuel dry bulk carriers built by China’s Shanghai Waigaoqiao Shipbuilding and chartered to Anglo American.
On the other hand, K Line continues to make progress with its plans to have 75 or more LNG carriers in its fleet by fiscal 2030.
K Line’s latest financial report in November 2024 revealed that the firm had 46 LNG carriers in its fleet as of the end of September this year.
This includes 44 owned or co-owned vessels and two chartered ships.
In addition, K Line had 20 LNG carriers on order as of the end of September 2024.
Six of these vessels are expected to be delivered in 2025, and 14 vessels are scheduled for delivery in 2026.