China Bankrolls LNG Carrier Newbuildings

The Export-Import Bank of China, a wholly state-owned bank has informed official news agency Xinhua that it is to lend US$400-million U.S. dollars to four separate shipowning companies.for building 4 liquified natural gas (LNG) carriers in a Shanghai shipyard.

Citing information from the bank, Xinhua reports that the four carriers, each with a shipment capacity of 174,000 cubic meters are for: CNOOC Energy Technology and Services, China LNG Shipping Limited, Teekay LNG Partners and BW's LNG investment arm.

Shanghai-based Hudong-Zhonghua Shipbuilding Co., Ltd., a core enterprise under the China State Shipbuilding Corporation, will build the carriers.

Thus far the bank has provided US$1.7-billion in financial support for the building of 16 large LNG carriers, the largest amount in terms of bank lending in the country.

Source: Xinhua