Cruise News Hubb
Advertisement
  • Home
  • News
  • Destination
  • Cruise Ships
  • Contact us
No Result
View All Result
  • Home
  • News
  • Destination
  • Cruise Ships
  • Contact us
No Result
View All Result
Cruise News Hubb
No Result
View All Result
Home News

China Merchants Gets LNG Carrier Order as China Grows Market Share

admin by admin
January 4, 2023
in News


CMI will build its first LNG carriers as China continues to grow its share of LNG carrier orderbook (CMI)

Published
Jan 4, 2023 2:02 PM by


The Maritime Executive

China Merchants Industry (CMI) has become the latest shipbuilder to break into the highly covenanted market for LNG carriers reporting its first construction order for large gas carriers from a European shipowner. The order comes as Chinese shipbuilders have been moving aggressively to build their share in the segment resulting in a record year for orders in 2022.

The order is for an initial four ships each with a capacity of 180,000 cbm which are believed to be for Celsius Tankers, a Danish shipowner which last year declared its intent to expand operations with LNH carriers. Celsius ordered an LNG carrier from South Korea’s Samsung Heavy Industries in late 2022, but with the South Korean building slots booked till 2026 and beyond is believed to have turned to the Chinese. CMI reports the order is for four vessels, with the first ship due to be delivered in early 2026. The contract includes two options each for two additional vessels.

The series of LNG carriers will be built at CMI’s Haimen shipyard based on a design jointly developed by Deltamarin and the Haimen shipyard. CMI also signed a licensing agreement with GTT for the French company’s membrane containment system for large gas carriers.

“The signing of this construction contract is a major breakthrough for China Merchants Industry in entering the large-scale LNG carrier construction market, and it also reflects the recognition of China Merchants Industry’s LNG carrier design and construction capabilities,” said CMI.  They noted that the company has been developing its expertise including the 2019 construction of a smaller, 45,000 cbm gas carrier and work for the modification of LNG carriers. 

CMI joins other major Chinese shipyards that broke into the segment in 2022 for the first time presenting a significant challenge to South Korea’s shipbuilders.  Analysts calculated that China grew its market share to 30 percent of the orders for LNG carriers in 2022 up from under 10 percent in 2021. CSSC’s Hudong Zhonghua was the first Chinese yard to deliver a large LNG carrier while in 2021 Jiangnan Shipyard, DSIC, and Yangzijiang Shipbuilding all won their first orders for LNG carriers.

Clarksons Research calculated that there was a 130 percent increase in the tonnage ordered for LNG carriers. Of the total 14.52 million compensated gross tons (CGT) ordered, 70 percent or over 10 million CGT went to the South Korean yards. Tw0-thirds of the shipbuilding orders in 2022 in South Korea were for LNG carriers, which due to their complexity are also the highest value new orders. The expectation is that orders for new LNG carriers will remain strong in part driven by Qatar’s expansion of its production due to be completed in 2027.
 



Source link

Tags: carrierChinaChina MerchantsCMILNGshareshipbuildingSouth Koreatanker
Previous Post

Six family members from across Ontario win $500,000 lottery jackpot together

Next Post

Norwegian Cruise Line to Host 13 Back-to-Back Charters

Next Post

Norwegian Cruise Line to Host 13 Back-to-Back Charters

Recommended

Restaurants at a Toronto food hall complain of different Uber Eats delivery zones

November 23, 2022

Norwegian Cruise Line to Host 13 Back-to-Back Charters

January 5, 2023

Norwegian Cruise Line Removing Ports to Lessen Carbon Footprint

January 8, 2023

Shell Suspends LNG from Prelude After Another Small Fire

December 22, 2022

Don't miss it

News

Blickfeld & CubiQ Partner to Eliminate Measurement Errors in Logistics

January 30, 2023
Cruise Ships

Baseball star Joey Votto keeps showing up to play at chess club in Toronto

January 30, 2023
Destination

First European stop of the Wonder of the Seas cruise in Malaga

January 30, 2023
Regent Seven Seas Cruises: An Unrivaled Experience [VIDEO]
Destination

Regent Seven Seas Cruises: An Unrivaled Experience [VIDEO]

January 30, 2023
News

This page does not exist.

January 30, 2023
News

P&O Cruises Ship to Receive Exciting Upgrades

January 30, 2023

cruise-white

© 2022 Cruise News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Destination
  • Cruise Ships
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Destination
  • Cruise Ships
  • Contact us

© 2022 Cruise News Hubb All rights reserved.