Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
HomeMaritime NewsRegionsAsiaTianjin Marine proceeds with newbuild plans for VLCCs, LNG carriers

Tianjin Marine proceeds with newbuild plans for VLCCs, LNG carriers

Tianjin Marine proceeds with newbuild plans for VLCCs, LNG carriers
Tianjin Marine, an arm of HNA Logistics owned by HNA Group, is expected to proceed with its planned order for VLCCs and LNG carriers after obtaining Chinese regulatory approval for a share issue.

Shanghai-listed Tianjin Marine announced that the China Securities Regulatory Commission has endorsed a private sale of up to 3.45m shares.

The share issue is expected to raise cash for its proposed acquisition of 10 VLCCs and four LNG carriers. The company will use about $400m of raised funds to order the first four VLCCs.

Tianjin Marine had announced the fleet expansion plan back in August 2013, revealing that the 10 VLCCs could cost a total of RMB5.52bn ($898.7m) and the four 160,000 cu m LNG carriers a total of RMB4.9bn.

Tianjin Marine will select a local shipyard to construct the newbuildings via a public bidding process.

TAGS: Tankers Finance & Insurance Shipyards
Related
Karrie Trauth, Senior Vice President, Head of Shipping and Maritime for Shell
Act today to reduce emissions ahead of new fuels says Shell
Apr 19, 2024
Port of Rotterdam from the air
European ports contend with slow economic growth, geopolitical impact
Apr 19, 2024
Rio Tinto bulk carrier in port
Rio Tinto to test Alfa Laval air lubrication technology
Apr 19, 2024
YGT - EPS Hydromover & Lake Herman.jpg
Eastern Pacific targets first Singapore cargo delivery by electric ship
Apr 18, 2024