Cosco Shipping plans to invest in 3 LNG carriers for "Arctic LNG 2 Project"
For the Arctic LNG 2 initiative, Cosco Shipping Energy Transportation has announced it has approved a proposal to invest in three LNG carriers.
For the design of the vessels, the company allocated $923m. The vessels with MOL will be jointly owned by Cosco.
Three 172,500 cu m LNG carriers have already signed shipbuilding contracts with South Korean yard DSME for construction by a special purpose company jointly formed by Cosco and MOL.
It is expected that the vessels will transport LNG for the Arctic LNG 2 project upon delivery in 2023.
In 2019, China's Cosco and Silk Road Fund entered into an agreement to create a joint venture Maritime Arctic Transport to operate an icebreaking fleet of Arctic ice-class vessels to serve Yamal LNG, Arctic LNG 2, and other potential projects with Russian state-run shipping major Sovcomflot and energy firm Novatek.
Maritime Business World