On May 10, COSCO SHIPPING Energy Transportation announced that the company will participate in the proposal to invest in six LNG carriers and independently invest in the construction of two new LNG carriers.
According to the announcement, COSCO SHIPPING Energy will increase its capital by 75.25 million euros to its wholly-owned subsidiary COSCO SHIPPING LNG Investment (Shanghai), and COSCO SHIPPING LNG Investment (Shanghai) will establish a new wholly-owned Hong Kong platform company, "Future Ocean LNG Investment Co., Ltd.".
The Hong Kong platform company invested 75.25 million euros based on 25% of the shares, and established 6 new single-ship companies in Singapore as a joint venture with Japan's MOL, CETS Investment Management (HK), and CNOOC Gas and Power Singapore Trading & Marketing, to undertake the shipbuilding agreement and time charter agreement for 6 LNG carriers signed by MOL.
According to the announcement on January 7 this year, the six ships were built by Hudong Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation.
At the same time,COSCO SHIPPING LNG Investment (Shanghai) will independently invest in the construction of 2 174,000 m3 LNG carriers and charter them to Sinochem Shipping Singapore on a long-term basis. The total investment of the project is about $460 million (approximately RMB 3.1 billion).
COSCO SHIPPING LNG Investment (Shanghai) has newly established two wholly-owned companies in Hong Kong. The tentative company names are: Insight LNG Shipping Co.,Limited; Delight LNG Shipping Co.,Limited.
COSCO SHIPPING Energy has invested US$137.54 million in COSCO SHIPPING LNG Investment (Shanghai). Two newly established Hong Kong shipping companies will order two 174,000 m3 LNG carriers in Hudong-Zhonghua Shipbuilding.
Source：Xinde Marine News Sarah Yu
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