Cosco Shipping to buy stake in MOL’s LNG carrier trio

China’s Cosco Shipping Energy Transportation has agreed to buy stakes in MOL’s three 174,000-cbm LNG carriers being built by Hudong-Zhonghua.

According to a statement by CSET, its unit Cosco Shipping LNG Investment (Shanghai) will buy 49 percent in each of the three single-ship entities established by MOL in Liberia and will participate in the construction of the vessels.

Back in September last year, MOL signed a deal to charter these three newbuild LNG carriers to a unit of Chinese independent gas distributor ENN.

China’s Hudong-Zhonghua Shipbuilding will build these vessels and deliver them by 2028.

Sources told LNG Prime at the time MOL could pay between $230-240 million per vessel.

Part of Hudong-Zhonghua’s fifth-generation Changxeng series, these 299 meters long vessels feature WinGD’s X-DF dual-fuel engines and also GTT’s NO96 Super+ containment system.

After delivery, the vessels will be engaged mainly in transport of LNG, procured by ENN under long-term purchase contracts, to China.

ENN operates a large LNG terminal in the Zhoushan area of Zhejiang province.

On the other hand, CSET has stakes in 73 LNG carriers, according to its website.

This includes 42 vessels in operation and 31 ships on order.

CSLNG, a wholly-owned unit of CSET, and China LNG Shipping (CLNG), of which CSET holds 50 percent equity, are the only two large LNG shipping companies in China.

CSLNG jointly owns LNG carriers which transport LNG from the Yamal LNG project in Russia, the APLNG project in Australia, the PNG LNG project in Papua New Guniea, as well as for other projects.

Most Popular

Cheniere to start site preparation for two more Corpus Christi LNG trains

US LNG exporting giant Cheniere is seeking approval from the US FERC to start site preparation activities for two more midscale trains at its Corpus Christi LNG plant in Texas.

Amigo LNG, Sahara seal 20-year SPA

Amigo LNG, a unit of LNG Alliance, has signed a 20-year sales and purchase agreement with Sahara Group to supply the latter with liquefied natural gas from its planned 7.8 mtpa LNG export plant in Mexico.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

More News Like This

QatarEnergy LNG carrier named in China

China’s Hudong-Zhonghua hosted a naming ceremony for one 174,000-cbm liquefied natural gas (LNG) carrier built as part of the massive QatarEnergy shipbuilding program.

Hudong-Zhonghua delivers CMA CGM’s LNG-powered giant

Chinese shipbuilder Hudong-Zhonghua has delivered CMA CGM’s first in a new series of 23,000-teu LNG dual-fuel containerships.

Hudong-Zhonghua launches LNG carrier

Chinese shipbuilder Hudong-Zhonghua has launched one 174,000-cbm liquefied natural gas (LNG) carrier it is building for NYK and CNOOC.

MOL inks deal with Tokyo Gas for wind-assisted LNG carrier

Japan's shipping giant MOL has joined forces with a unit of compatriot city gas supplier and LNG importer Tokyo Gas on an LNG carrier equipped with wind-assisted ship propulsion systems.