First private shipbuilding company! Yangzijiang Shipbuilding receives its first order for two LNG carriers
2022-10-26 09:00
With the booming LNG shipping market, characterized by a shortage of ships, record-high rents, and being called the "crown jewel," the LNG newbuilding market is also gradually heating up.
Following the formal signing of a patent cooperation agreement for the liquefied natural gas (LNG) MARK Ⅲ membrane containment system with GTT on September 8th and obtaining GTT certification, Yangzijiang Shipbuilding Group has recently made another major breakthrough in entering the large LNG carrier construction market.
According to the announcement released by the listed company, Yangzijiang Shipbuilding Group has signed a contract with a European shipowner for the construction of two 175,000 cubic meter LNG carriers. This is the company's first large LNG carrier order, making Yangzijiang Shipbuilding the fourth domestic and the first private domestic shipbuilding company to enter the large LNG carrier construction market.
▲Above: Yangzi Xinfu shipyard, the first batch of 24,000 TEU container ships under construction. (Yao Yongchun / Photo)
It is understood that the two 175,000 cubic meter LNG carriers will be built at the Yangzi Xinfu shipyard under the group, using the GTT Mark III Flex membrane containment system. The main propulsion system will use two dual-fuel MAN 5G70ME-C10.5-GA-EGRBP engines, and will also be equipped with a 1.5-ton/hour reliquefaction unit, with planned delivery in 2025-2026.
Yangzijiang Shipbuilding Group pointed out that the company recognizes the changing situation and the industry's increasing focus on green shipping, and hopes to expand its foothold in this area. Sanctions on Russian gas exports to Europe have increased LNG demand, and the global LNG market is expected to remain tight until 2026. According to the International Energy Agency (IEA), global LNG trade will increase by 17% by 2025 compared to 2021, significantly higher than the previously predicted 4%. However, due to limited shipyard capacity, the supply of LNG carriers continues to lag. Leveraging the supply-demand gap and Yangzijiang Shipbuilding's own R&D capabilities, the group is confident in capturing a larger market share in this field.
Mr. Ren Letian, Executive Chairman and CEO of Yangzijiang Shipbuilding Group, said: "We have received our first contract for a GTT Mark III LNG carrier, marking a new journey and chapter for the group's development. The large LNG carrier market has traditionally been dominated by South Korean shipyards, and Yangzijiang Shipbuilding's successful breakthrough makes it the first private Chinese company to enter this field. This milestone is the result of our market-oriented approach, proactive layout, and continuous accumulation. Yangzijiang Shipbuilding plays a crucial role in the green ship transformation of the newbuilding market. Our recent orders demonstrate our ability to build more environmentally friendly vessels on time, to quality, and competitively, and we look forward to delivering more green vessels in the future."
Ren Letian said: "In the face of a complex external environment, the company's team has fully demonstrated its flexibility and adaptability, flexibly accepting orders in different ship market cycles, providing the company with stable income and sustainable returns. We will strive for excellence and work diligently to bring the company to new heights, aiming to become one of the best shipyards in the world."
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