- Germany’s Hammonia Reederei is believed to be behind the order of large LNG carriers to Yangzijiang worth $235 million per vessel.
- Germany is accelerating LNG imports to replace Russian gas pipeline supplies by the end of this year.
- Yangzijiang also recently signed a technical assistance and license agreement with GTT allowing it to use GTT membrane technologies to build vessels.
Yangzijiang Shipbuilding, China’s largest private shipyard, has received its first order for large LNG carriers from a European owner.
Key details
Yangzijiang said in a statement on Wednesday that under the contract, it will build two 175,000-cbm LNG carriers and deliver them between 2025 and 2026.
Yangzijiang did not reveal the European owner’s name or the price.
According to shipbuilding sources, Germany’s Hammonia Reederei is behind this order, which is worth about $235 million per vessel.
According to the company’s website, Hammonia currently has no LNG carriers in its fleet, which includes containerships, bulk carriers, and multipurpose vessels.
Accelerated imports
Germany is accelerating LNG imports and expects to begin importing liquefied natural gas by the end of this year in order to replace Russian gas pipeline supplies and boost energy security.
The German government approved the charter of five FSRUs, which will begin operations as import terminals in Wilhelmshaven, Lubmin, Brunsbuettel, and Stade between now and 2023.
Technical assistance
Yangzijiang recently signed a technical assistance and license agreement with GTT, allowing the yard to build vessels using GTT membrane technologies.
Yangzijiang has also received an order from Singapore’s Pacific International Lines for four 8,000 TEU dual-fueled container vessels equipped with GTT technology.
In addition, the shipbuilder recently received a large order from the Swiss shipping giant MSC for 12 LNG-powered containerships. These ships will not have GTT tanks.
Yangzijiang stated that the two LNG carriers are the company’s first GTT Mark III LNG carrier order since obtaining the license in early September.
GTT’s Mark III Flex membrane tanks will be used, as will two dual-fuel MAN 5G70ME-C10.5-GA-GBP models for the main propulsion system.
The LNG carriers will also have a 1.5 ton/hour reliquefication system.
Visionary expansion
“Yangzijiang intends to expand its foothold in this sector, recognizing the changing landscape and increased industry focus on green shipping,” according to the company.
Demand-supply gap
According to Yangzijiang, the global LNG market will be tight until 2026 as Europe’s sanctions on Russian gas exports increase demand for LNG.
“However, due to limited capacity, LNG carrier supply continues to lag,” according to the firm.”
“By capitalizing on the demand-supply gap and Yangzijiang’s own R&D capabilities, the group is confident in capturing a larger market share in this sector,” it said.
New chapter
Yangzijiang joins Hudong-Zhonghua, China’s largest LNG carrier builder, and Jiangnan and DSIC in receiving their first large LNG carrier orders this year.
“Our maiden GTT Mark III LNG carrier contract win marks a new chapter for the group,” Yangzijiang executive chairman and CEO Ren Letian said in a statement.
“Yangzijiang is China’s first non-state-owned yard to break into this market, which has traditionally been dominated by Korean shipyards.” This milestone was achieved as a result of Letian’s consistent development and acquisition of technologies and licenses over the years.
Did you subscribe to our Newsletter?
It’s Free! Click here to Subscribe.
Source: LNG Prime
