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Cosco and PetroChina return to Hudong-Zhonghua for more LNG carriers

Cosco Shipping and PetroChina have firmed up orders at CSSC-affiliated Hudong-Zhonghua Shipbuilding for three additional 174,000 cu m liquefied natural gas (LNG) carrier newbuildings.

The price tag of each ship is around $185m, and the purchase will be funded through 80% bank borrowings and around 20% from financial resources, Cosco Shipping Energy Transportation, the energy shipping operation unit of Cosco Shipping Group, said in a Hong Kong Exchange filing.

The LNG carrier trio, independently developed by Hudong-Zhonghua, will be 295 m long and 45 m wide, featuring the latest generation of duel-fuel, low-speed propulsion systems to further optimise performance and fuel consumption.

Delivery of the first vessel is expected to take place no later than September 30, 2024, with the remaining two arriving in December of the same year and March 2025, respectively. The carriers will serve the trade needs of PetroChina and its subsidiaries.

Last year, the Shanghai-based yard struck a deal with Cosco and PetroChina for the construction of an LNG carrier trio, also valued at $185m each. These vessels are set to deliver in 2022 and 2023.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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