Hudong-Zhonghua Bags Order for Six Gas Carriers

China Shipbuilding Group Corporation’s (CSSC) subsidiary Hudong-Zhonghua Shipbuilding (Group) Co., Ltd has won a $1.51bn shipbuilding order to build six 174,000 cum gas carriers. The order comes from a joint venture of Sinopec, China Shipping Development and Japan’s Mitsui OSK Lines.

According to Sinoshipnews, 80% of the financing is ensured from loans that will be provided by the Export-Import Bank of China, Industrial and Commercial Bank of China Limited and Bank of China Limited, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, and Mizuho Corporate Bank.

The delivery of the six LNG vessels will begin in April 2016 with the last one to be delivered by November 2017. The newbuilds will be chartered to Sinopec Corp. for the transportation of LNG in the Australia Pacific LNG Project.

With this latest order Hudong-Zhonghua Shipbuilding has secured eight newbuilding contracts.

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Shipbuilding Tribune Staff, April 29, 2013