Greater China

CMES announces Yamal LNG contracts

Shanghai: Following China Shipping Development’s announcement of ordering three LNG carriers for the Yamal LNG project, China Merchant Energy Shipping (CMES) announced that the company’s 50% controlled subsidiary China LNG Shipping (CLNG) and six single vessel joint ventures it established with Teekay LNG Partners, have signed a series of contracts with relevant parties concerning the construction and chartering of six 173,000 cu m LNG carriers for the Yamal LNG project.

The six vessels will be built at Korea’s Daewoo Shipbuilding & Marine Engineering with deliveries scheduled between the first quarter of 2018 and the first quarter of 2020. Total value of the vessels is around $1.9bn.

The vessels will be managed by Teekay Shipping and chartered to Yamal Trade Pte from the delivery dates to December 2045. [10/07/14]

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