China Shipping Development to form the nation’s largest LNG fleet


Hong Kong: Hong Kong-listed China Shipping Development (CSD) will shift its focus to LNG and is going to order six LNG carriers this year, as originally reported by SinoShip News three months ago. Li Shaode, president of CSD, revealed the news at the company’s annual results presentation yesterday.

Li said that CSD has already started domestic LNG shipping business through some chartered LNG carriers, and now CSD is in negotiations for another four LNG carriers. The company’s fleet will be expanded to 14 LNG carriers if all these contracts are implemented and it will be the largest LNG fleet in China. CSD has already booked four 174,000 cu m LNG carriers plus two options at Hudong Zhonghua Shipbuilding last year.

“We will expand our LNG shipping business and make it as a new driving force for profit growth,” Li said.

According to Wang Kangtian, vice general manager and chief accountant of CSD, the company’s expenditure for fleet expansion is RMB6.07bn this year, and the number will be narrowed to RMB1.68bn next year. CSD will receive 43 vessels with a total capacity of 4.2m dwt in 2013 and 2014.





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