Finance and InsuranceGas

Cash raised to help fund innovative CNG carriers

Cash has been raised for an impending series of innovative new gas ships. Australia-based Global Energy Ventures (GEV) has raised A$4.7m in an equity placement, helping it on its way to order four compressed natural gas (CNG) carriers later this year. The 185 m long ship designs from GEV can carry 200 MMscf of gas.

GEV’s executive chairman, Maurice Brand, said: “This successful capital raising positions GEV to accelerate its plans for 2019, with the absolute key focus to deliver a CNG final investment decision and order four CNG optimum 200 ships.”

Following extensive discussions with almost 20 shipyards during 2018, four shipyards have now been shortlisted to build the vessels, which feature 140 km of pipes. A decision on which yard to place the order will be made in the next couple of months.

GEV states on its website its goal is to become a world leader in the shipping of CNG.

Among well known names associated with the venture, Jens Martin Jensen, formerly John Fredriksen’s right hand man, is listed as a boardmember.


Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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