Oil & Gas Publishers Note: There are some hidden takeaways in this article. The Chinese shipbuilding yard has 17 Large LNG carriers on order under a leasing business model. A brilliant business model to keep control of large assets.
China’s Hudong-Zhonghua Shipbuilding is to deliver another LNG carrier that will serve the Novatek-operated Yamal project in the Arctic.
Hudong said in a statement the 174,000-cbm LNG Phecda left the Shanghai yard for gas trials on July 3.
The Chinese yard noted it faced many difficulties during the vessels’ construction due to the Covid-19 pandemic that has affected the entire industry.
The yard expects to deliver the vessel soon after the completion of gas trials.
LNG Phecda is the third in a series of four Yamal-dedicated vessels ordered by Japan’s Mitsui O.S.K. Lines and China COSCO Shipping at Hudong.
Each of the 290 meters long ships features WinGD dual-fuel engines and GTT’s cargo containment system.
The Yamal carriers will not directly load chilled fuel at the 16.5 mtpa LNG plant in the Russian Arctic.
They will take transshipped LNG at European terminals, previously delivered by ice-class carriers, for onward distribution mainly to Asia.
To remind, Hudong recently said it was finalising works on the fourth Yamal carrier, LNG Megrez.
The yard delivered the first carrier of this batch, LNG Dubhe, in October 2019 followed by the second vessel, LNG Merak, earlier this year.
New LNG carrier for CSSC Shipping
In the meantime, while the LNG Phecda is busy with its gas trials, the Chinese yard held a keel laying ceremony for a new 174,000-cbm carrier.
Hudong says is building the LNG carrier for CSSC Shipping, the financial leasing unit of China State Shipbuilding Corporation.
The state shipbuilding firm is also the parent company of Hudong.
According to VesselsValue data, the Chinese yard currently has 17 large LNG carriers on order including the two Yamal vessels.
Hudong will build four vessels for CSSC Shipping, eighth for Qatar Petroleum and the recently confimed trio for Cosco Shipping Energy.
Furthermore, the yard’s order book also includes two identical FSRUs for Greek shipping company Dynagas.
