LNG

Sept 27 (LNGJ) - GTT, the French designer of maritime and onshore LNG storage tanks, continues to build its Chinese portfolio of orders. The Jiangnan Shipyard in Shanghai has ordered tank designs for two LNG carriers ordered by shipping company Shandong Marine Energy (Singapore) Ltd.

   “GTT will design the tanks of these two vessels, which will each offer a capacity of 175,000 cubic metres. The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT,” the Paris-based company said. The delivery of the vessels is scheduled between the first and second quarters of 2027.

Gaztransport and Technigaz (GTT), the French designer of maritime liquefied natural gas storage and fuel tanks, has received another order from the Chinese Jiangnan shipyard as its busines in China gathers pace.

GTT said the latest order was for the cargo containment and cargo handling systems design fortwo large capacity LNG carriers.

As part of this order, GTT said it would provide the design and associated engineering services for the vessel’s tanks, which will each offer a capacity of 175,000 cubic metres.

The tanks will be fitted with the GTT Mark III Flex membrane containment system, a technology developed by GTT.

GTT added that the two vessels were scheduled for delivery in the first and second quarters of 2025.

“We are very pleased to accompany Jiangnan in a new phase of our collaboration, as these vessels are the first large LNG carriers to be built by Jiangnan shipyard,” said Philippe Berterottière, Chairman and Chief Executive of GTT.

“We will do whatever it takes to make this cooperation a great success,” added the CEO.

LNG growth

The Jiangnan shipbuilding business is one of China's larger shipyard facilities and is located northeast of Shanghai on Changxing Island at the mouth of the Yangtze River.

In mid-March 2022, GTT received an order from the Jiangnan shipyard for tank designs for four very large LNG-powered containerships on order for the leading Asian shipping company, Pacific International Lines.

Each vessel will be able to carry 14,000 20-feet equivalent units (TUE) containers and are scheduled to be delivered from the Chinese yard progressively from the second-half of 2024 through to the first half of 2025.

The LNG fuel tank of each vessel will offer a capacity of 13,800 cubic metres and will be fitted with the Mark III membrane containment system.

The tanks will also include unique features to facilitate a potential conversion of these vessels to ammonia fuel in the future.

In addition to the engineering services and on-site technical assistance, GTT explained that t would assist PIL through every step of their first LNG-fuelled project.

GTT said this would include commissioning of the LNG tanks, first LNG bunkering operations, as well as further specific LNG operations and maintenance of the vessels.

COSCO Shipping Energy Transportation of China has ordered three liquefied natural gas newbuilds from Hudong-Zhonghua Shipbuilding of Shanghai to take its future fleet numbers up to 44 LNG vessels.

COSCO gave details in a statement to the Hong Kong stock exchange of the payments plans for the vessels and delivery dates.

The company said that the combined price of the three vessels would be $554 million.

“The board is pleased to announce that on 7 December 2021, ‘United Auspicious LNG’, ‘United Peace LNG’ and ‘United Success LNG’ (each being a wholly-owned subsidiary of United Liquefied Gas Shipping, an indirect non-wholly-owned subsidiary of the Company) entered into the shipbuilding contracts with Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading,” added the statement.

The indirect non-wholly owned subsidiary of COSCO, United Liquefied Gas Shipping, is owned 81 percent by the company and the 19 percent balance is held by PetroChina International.

Growing fleet

COSCO currently has an LNG fleet of 41 LNG carriers in total, of which 38 are in operation with a shipping capacity of 6.42 million cubic metres.

COSCO noted that its LNG shipping projects involved two subsidiaries, COSCO Shipping LNG Investment (Shanghai), a wholly-owned subsidiary, and China LNG Shipping (Holdings) of which COSCO has a 50 percent stake.

The newbuilds just ordered each have capacity of not less than 174,000 cubic metres and guaranteed deadweight of 80,000 metric tons at design draught each.

“Pursuant to the shipbuilding contracts, the consideration for each of the vessels is approximately US$185 million,” said COSCO.

“The price of each of the vessels is payable in four instalments of 10 percent, 10 percent, 10 percent and 70 percent, respectively based on the shipbuilding progress,” added the company.

COSCO said that the fourth instalment of 70 percent could be adjusted to take account of certain issues such late delivery and performance deficiencies of the vessels.

The company said the cost of the three newbuilds would be funded by the group with 80 percent bank borrowings and around 20 percent from financial resources.

“The delivery of the three vessels is expected to take place on a date no later than 30 September 2024, 31 December 2024 and 31 March 2025, respectively,” the statement concluded. 

Gaztransport and Technigaz (GTT), the French LNG storage technology company, has received another order for a China-built LNG carrier as its Chinese business links increase and broaden.