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Yangzijiang wins first order to build LNG carriers for Evergas

Yangzijiang wins first order to build LNG carriers for Evergas
China’s Yangzijiang Shipbuilding has ventured into the LNG sector with an order win to construct two LNG carriers for JHW Engineering & Contracting Limited, a subsidiary of Jaccar Holdings that owns Evergas.

The two 27,500 cu m LNG carriers, worth $135m in total, are scheduled to be delivered in 2017 to Evergas, which specialises in ethylene and ethane gas transportation.

Ren Yuanlin, executive chairman of Yangzijiang, said the group has entered a relatively mature stage in building bulk carriers and containerships, and it has been on the management’s agenda to formulate a sustainable product strategy.

“Related research shows that global LNG market will grow from 238m tonnes per annum (mtpa) in 2014, to 420 mtpa in 2020, and is expected to further increase to 500 mtpa in 2025. The strategy to grow LNG vessel business aims to capture the stable medium to long term demand with its promising outlook,” Ren commented.

Privately-owned Yangzijiang said it has received the downpayments for the newbuildings.

“We understand that LNG carriers are technically more demanding than bulk carriers and containerships; we will take necessary steps to ensure timely delivery and maintain the highest quality, make a solid launch in the new segment, and gradually grow it stronger,” Ren said.