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CSSC seals first FSRU deals at Posidonia

Brokers in Shanghai inform Splash that Hudong-Zhonghua Shipbuilding, part of state-run CSSC, has sealed a landmark order for two FSRUs from Greece’s Dynagas.

The deal, inked during Posidonia week, marks CSSC’s entry in the FSRU building sector, something that has been dominated by the South Koreans up until now. Dynagas also becomes the first Greek owner to buy an FSRU. The vessels will deliver in 2019 and 2020.

The only other China builder of FSRUs at present is Wison, which is building for Exmar at the moment.

No price has been revealed for the deal, but given that it is a first of its type contract in China, Dynagas is expected to be paying significantly less than what the South Koreans are offering.

Dynagas is owned by George Procopiou whose assorted companies control around 130 ships.

Procopiou is likely to be joined by other Greek owners in the FSRU segment soon. For instance, last month, Christos Economou intimated that TMS Cardiff Gas is looking to get into the sector.

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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