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Cosco and PetroChina order LNG carrier trio at Hudong-Zhonghua

Cosco Shipping Energy Transportation has announced that the board has approved a plan to order three 174,000 cu m LNG carriers at Hudong-Zhonghua Shipbuilding to support a joint venture shipping project with PetroChina.

Cosco plans to set up a joint venture with Hong Kong-based Glasford Shipping, an affiliate of PetroChina, to operate the ships. Two Cosco subsidiaries will hold a total of 81% equity interest in the joint venture while Glasford Shipping will hold the remaining 19%.

The vessels will be deployed for LNG shipping services for affiliate companies of PetroChina.

The price for each vessel is $185m and Cosco will invest $600m in total for the vessels including financing costs.

It is the second large LNG carrier order Hudong-Zhonghua has secured in the past week. The shipyard has been awarded a massive $2.8bn LNG carrier newbuilding contract by Qatar Petroleum last week for up to 16 ships of the same design Cosco has selected.

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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