COSCO Shipping orders LNG carrier trio for $554 million

China’s shipping company COSCO Shipping Energy Transportation Co. has ordered three liquefied natural gas (LNG) carriers from compatriot Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading.

As informed, the deal, which was signed on 7 December, includes the construction of three large-scale 174,000-cbm LNG carriers with deadweight tonnage of 80,000.

According to the shipbuilding contract, the contract price of each ship is approximately $185 million, and the total price of the three ships is approximately $554 million. The purchase will be funded through 80 percent bank borrowings and around 20 percent from financial resources.

The three LNG carriers are slated for delivery in September 2024, December 2024, and March 2025, respectively.

The order is part of a second phase of the project under which the company aims to grow its fleet of LNG carriers. Last year, COSCO Energy with energy giant China National Petroleum Corporation (CNPC) placed an order for three LNG carriers at the same shipyard.

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The keel-laying ceremony for the first vessel was held in September this year. With the latest three newbuilds, COSCO’s LNG fleet will reach 44 vessels with a total cargo-carrying capacity of over 7 million.