CLNG, Dynagas and Sinotrans Shipping to jointly invest in LNG carriers

CLNG, Dynagas and Sinotrans Shipping to jointly invest in LNG carriers

China Merchants Energy Shipping (CMES) has announced that the board has approved its subsidiary CLNG to invest in five Arctic LNG carriers and the company will also replenish $37.8m capital into CLNG to support the deals.

According to the plan, the five vessels will be jointly invested by Dynagas (49%), CLNG (25.5%) and Sinotrans Shipping (25.5%). Total price of the vessels is about $158.7m.

In the meantime, CMES said it will replenish $149.5m capital into its newbuild project with Teekay for six LNG carriers, which will serve the Yamal LNG project. The deal was signed in July 2014.

CLNG was co-estbliahsed by CMES and Cosco Dalian, it currently owns six LNG carriers and another six on orderbook.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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