- COSCO SHIPPING Energy approves the construction of two 175,000 m³ LNG carriers.
- Yuanxing LNG Transportation and Yuanzhi LNG Transportation were established to oversee the project, each with a registered capital of $76.5 million.
- Expansion of COSCO SHIPPING’s LNG fleet to meet rising global demand for LNG transportation.
- The total project cost approximately $509 million.
COSCO SHIPPING Energy, through its subsidiary Shanghai COSCO Shipping LNG Investment, has approved the construction of two new 175,000 m³ LNG carriers. The company’s Board of Directors made the decision on September 9, 2024, as part of a broader strategy to strengthen its position in the global LNG shipping market.
Vessel Construction at Dalian Shipbuilding Industry Co.
The two vessels will be built by Dalian Shipbuilding Industry Co., with the total investment for the project amounting to approximately $509 million. The construction will be managed by two newly established subsidiaries, Yuanxing LNG Transportation and Yuanzhi LNG Transportation, each with a registered capital of $76.5 million.
Formation of New Subsidiaries
This expansion underscores COSCO SHIPPING’s commitment to meeting the rising demand for liquefied natural gas (LNG) transportation. By adding these high-capacity vessels to its fleet, the company reinforces its leadership position in the LNG sector. It ensures it continues to offer reliable shipping services to its global clients.
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Source: Xinde Marine News
