China Shipping Venture Plans USD 1.2 Billion LNG Order

China Shipping Development’s venture plans to order six LNG tankers worth about $1.2 billion by June, Bloomberg reported, citing the company’s chairman Li Shaode as saying.

“We will expand LNG transportation business to make it become a new profit growth driver as soon as possible,” he said.

“The deal means a 20-year shipping contract for us, which will bring us stable earnings,” he added.

The vessel purchase will be made by a venture owned by Sinopec Group, China Shipping and Mitsui O.S.K Lines and each tanker will have a capacity to carry about 174,000 cbm.

Hudong Zhonghua Shipbuilding will build the LNG tankers.

[mappress]

LNG World News Staff, March 21, 2013; Image: Hudong Zhonghua Shipbuilding