A joint venture between Sinotrans and China Shipping, China Energy Shipping Investment (CESI) and MOL, has ordered six 174,000 cu m LNG carriers at Hudong-Zhonghua Shipyard for delivery between April 2016 and November 2017. CESI will be taking a 80% stake in the vessels while MOL will take 20%.
CESI is 51% owned by China Shipping LNG and 49% by Sinotrans.
The vessels will be paid for in a series of five installments with an initial payment of $252m. Funding for the newbuildings will come 20% from shareholder funding to an amount of $302m. The remaining 80%, or $1.2bn, will be funded by loans from a syndicate banks. The syndicate comprises Export-Import Bank of China, Industrial and Commercial Bank of China Limited and Bank of China Limited, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, and Mizuho Corporate Bank. The loan is repayable over 15 years.
The LNG newbuildings are destined for long term charter to Sinotrans for its Australia Pacific LNG project.
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