AlwaysFree: CNPC-Cosco JV To Order Three LNG Carriers

A new joint venture (JV) between CNPC and Cosco 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 $185 million per vessel. CNPC will hold term charters on the vessels upon their commissioning.

While Cosco Oil Shipping, the newly formed joint venture between Cosco and CNPC, will take a 21 percent stake, Cosco subsidiary Cosco Shanghai will hold 60 percent in the venture. PetroChina subsidiary Jiafu Shipping will receive the remaining 19 percent of equity.

Cosco's LNG shipping order book had been set to close this year, as three outstanding vessels — of four non-ice class carriers ordered for the 16.5 million t/yr Yamal LNG project — are delivered. One of three scheduled 2020 newbuilds has already been delivered, while the second, the 174,000m³ LNG Phecda, began sea trials on 21 April.

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