Cosco Shipping Invests Nearly $1 Billion in Four New LNG Carriers

Cosco Shipping Energy Transportation has committed about 6.45 billion yuan (nearly $953 million) to construct four LNG carriers, each with a capacity of 175,000 cubic meters, at Jiangnan Shipyard. Delivery is scheduled between 2029 and 2030, with the vessels entering a seven-year lease agreement with Shell Tankers Singapore, potentially generating estimated leasing revenues of around 5.4 billion yuan.

The project will be managed through Shanghai Lng and Yuanhai Lng Investment, which will establish four dedicated companies for ship ownership post-construction. This order highlights the increasing focus on LNG transport, driven by global energy trade expansion and new infrastructure investments. The investment illustrates shipowners' confidence in the long-term outlook of the LNG market amidst the energy transition.