A new joint venture (JV) between Chinese shipowner Cosco and state-owned CNPC is set to order three LNG carriers from China’s Hudong Zhonghua shipyard.
The venture plans to order three carriers with a 174,000m³ capacity each, at a cost of USD 185M per vessel.
Cosco subsidiary Cosco Shanghai will hold 60pc in the venture, while Cosco Oil Shipping, the newly formed joint venture between Cosco and CNPC, will take a 21pc stake. PetroChina subsidiary Jiafu Shipping will receive the remaining 19pc of equity.
Cosco’s LNG shipping order book had been set to close this year, as three outstanding vessels are delivered. One of three scheduled 2020 newbuilds has already been delivered, while the second, the 174,000m³ LNG Phecda, began sea trials in April.
The shipowner has a total fleet of 36 LNG carriers, 30 of which are owned under JVs. And 14 of the jointly owned vessels are Arc7 ice-class carriers, with Cosco owning 50pc equity in six of the vessels and minority stakes in the remaining eight.
