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China Shipping and MOL order six LNG carriersChina Shipping and MOL order six LNG carriers

Hong Kong: China Shipping Development (CSD) and Mitsui OSK Lines (MOL) have ordered six LNG carriers for $1.51bn.

Marcus Hand, Editor

April 29, 2013

1 Min Read
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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.

 

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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