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.