Seaspan seeks to diversify into LNG with Cosco Shipping Energy agreement

Container shipping tonnage provider Seaspan Corp is looking to diversify into LNG with a cooperation agreement with Cosco Shipping Energy Transportation.

Seaspan said it had signed a framework agreement for strategic cooperation relating to LNG business opportunities with China Shipping Energy, the largest Chinese owner of LNG carriers.

The agreement looks to cooperation on LNG investments, LNG projects, LNG transportation, and ethane transportation.

Bing Chen, Seaspan's president and ceo said, "Seaspan has long standing integrated services with Cosco Shipping in container shipping, and we are proud to carry this partnership forward to opportunities in LNG. We are confident that the combined strengths of both companies will generate significant value in the future."

It is the second move to diversify by Seaspan recently, and earlier this week moved forward with a planned $200m investment in bankrupt Singapore offshore marine company Swiber Holdings.

As ceo former banker Chen brings with him a wider range of shipping related business experience apart from Seaspan's core business of owning and managing containerships.

Posted 03 April 2019

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Marcus Hand

Editor, Seatrade Maritime News

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