Saga LNG Shipping, a new Chinese LNG shipping company controlled by Landmark Capital, held a naming ceremony for its first ship at China Merchants Heavy Industry’s (CMHI) Jiangsu yard today.
The ship, Saga Dawn, is the world’s first LNG carrier featuring an IMO type A LNG containment system, based on LNT Marine’s patented LNT A-BOX design, fitted with Wärtsilä’s dual-fuel main and auxiliary engines.
The delivery of the ship is scheduled in May, about half a year later than its originally expected delivery date at the end of last year.
“Today’s naming of Saga Dawn represents a monumental achievement that would not have been possible without the dedication, hard work, and close cooperation of all those involved. It is also a day of many firsts; the first LNG carrier to be built at CMHI, the first ever LNG carrier to feature LNT Marine’s A-BOX technology, and the first vessel in Saga LNG Shipping’s fleet. We are confident the momentum of this significant milestone will allow us to order many more similar vessels in the near future to meet evolving market demands,” said David Wu, founder and CEO of Saga LNG Shipping.
Wu said in a Maritime CEO interview last year that interest for this new gas containment design has been strong from many potential clients – both trading houses and sizeable shipowners.
“Saga Dawn brings new life to the dwindling mid-sized LNG fleet. With difficult to reach end-users in mind, the vessel has a fully laden draft of only 9 m and has no partial loading restrictions. The vessel is a preview of what is to come in the rapid development of midsized LNG infrastructure. We expect Saga Dawn to pave the way for new business models, innovative trades and the opening up of stranded demand centers, especially in Asia,” said Jonathan Verswijver, vice president of business development at Saga LNG Shipping.
Last November, the company signed an MOU with CMHI for the construction of up to four 80,000 cu m LNG carriers. According to Saga LNG Shipping, the company is currently in the final stages of development for the design of the 80,000 cu m ship.
In the meantime, the company has further developed and obtained approvals in principle for its shallow draft 28,500 cu m Wuhan Max and 12,000 cu m Yichang Max designs aimed at opening up trade along China’s Yangtze River.
Saga LNG Shipping said it aims to build, own and operate a series of tailor-made small and mid-sized LNG assets based around the LNT A-BOX technology.