The Chinese state giant will acquire a 50% stake in each of the six single-ship entities set up by MOL in Liberia
COSCO Shipping Energy Transportation has decided to invest in QatarEnergy’s newbuilding project for six Q-Max LNG carriers with Japanese shipowner Mitsui OSK Lines.
Through its subsidiary Shanghai Cosco Shipping LNG Investment, CSET will acquire a 50% stake in each of the six single-ship entities established by MOL in Liberia, the Shanghai- and Hong Kong-listed state-owned company said in a filing.
The 271,000 cu m LNG carriers are priced at approximately Yuan15bn ($2bn) in total. The single-ship entities will collectively contribute equity capital totalling Yuan3.8bn.
The newbuildings, which will serve QatarEnergy under long-term charters, were ordered by the energy giant at Hudong Zhonghua Shipbuilding in September and are slated for delivery between 2028 and 2031.
In addition to the six new tankers, QatarEnergy also placed an order at Hudong Zhonghua in April for another 18 Q-Max vessels, bringing the total number of its ultra-large LNG carriers ordered at the shipyard to 24.
Nine of the 18 new vessels have charters from major Chinese state-owned shipowners. Among them, two newbuildings secured long-term charters from China LNG Shipping — a 50-50 joint venture between China Merchants and Cosco Shipping.
QatarEnergy announced a massive fleet expansion programme in 2020, with a projected delivery of more than 100 newbuildings during the next decade, designed to bolster growing production from Qatar’s North Field and Golden Pass export projects while also renewing its fleet in the long term.