China: CSDC to Invest $ 1.2 Bln in New LNG Carriers

CSDC to Invest $ 1.2 Bln in New LNG Carriers

China Shipping Development Co (CSDC) is continuing with the promotion of its LNG business. Namely, the company has revealed its plans to invest $ 1.2 billion by June in the construction of six LNG carriers. Hudong Zhonghua Shipbuilding Group, as the only Chinese shipyard that has built LNG tankers, was selected to build the vessels.

The vessels, with the price tag of 205 mln each, will have a capacity to carry 174,000 cubic meters of natural gas.

As Seatrade-global reports, the LNG tanker purchases will be made by a venture owned by Sinopec Group, CSDC and Mitsui OSK Lines (MOL). In addition, the company has set up a vessel management company and six single-vessel companies to deal with the basic preliminary work for building LNG shipping vessels.

Shipbuilding Tribune Staff, March 21, 2013