Chinese shipowner Tianjin Southwest Maritime (TSM) has placed an order at CSSC’s Jiangnan for the construction of three 86,000 cu m LPG-fueled VLGCs.
The latest order comes shortly after the company exercised an option to build one VLGC of the same size at the yard in August.
Delivery of the new ships are scheduled in 2022 and the price is around $73m each. The ships will be chartered to Wanhua Chemical, which secured a 10-year LPG supply contract with Abu Dhabi National Oil Company (ADNOC) earlier this year.
Wanhua and ADNOC is also creating an LPG shipping joint venture which will look at opportunities to develop petrochemicals and derivatives in both UAE and China.
TSM currently operates a fleet of 24 vessels, made of seven tankers and 17 LPG carriers. Last month, the company also ordered a 9,500 cu m multi gas carrier at CSSC’s Huangpu Wenchong Shipbuilding.