China Merchants Energy Jumps on Ordering Two LNG Ships for USD380 Mln From Dalian Shipbuilding
Tang Shihua
DATE:  Apr 01 2022
/ SOURCE:  Yicai
China Merchants Energy Jumps on Ordering Two LNG Ships for USD380 Mln From Dalian Shipbuilding  China Merchants Energy Jumps on Ordering Two LNG Ships for USD380 Mln From Dalian Shipbuilding

(Yicai Global) April 1 -- Shares in China Merchants Energy Shipping advanced today after the Chinese liquefied natural gas ocean-going transporter said it has placed an order worth USD380 million for two LNG vessels with shipbuilder Dalian Shipbuilding Industry.

China Merchants Energy’s share price [SHA:601872] closed up 4.66 percent at CNY4.94 (USD0.77) today. Its stock gained 28 percent this week.

The vessels, each with a capacity of 175,000 cubic meters, will be equipped with the latest dual-fuel engines, with both oil- and gas-burning modes that meet the strictest emissions standards adopted by the International Maritime Organization, the Shanghai-based firm said yesterday.

Delivery of the first ship is scheduled for the second half of 2025 and the second for the first half of 2026, it said, citing the contract signed yesterday. China Merchants Energy will also have the option to order two more LNG vessels of the same size, it added.

Unit China LNG Shipping, in which China Merchants Energy holds a 50 percent stake, owns 21 large LNG vessels, six of which deliver imported LNG by sea to the LNG receiving stations in Shanghai as well as Guangdong and Fujian provinces, according to its 2021 earnings report.

Editor: Kim Taylor

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Keywords:   Capacity Expansion,Ship Building Order,LNG Carrier,China Merchants Energy Shipping