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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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