(XX November 2023, Hong Kong) — CIMC Enric Holdings Limited (collectively, “CIMC Enric” or “Company”) (Hong Kong stock code: 3899.HK) and its subsidiaries were pleased to announce that its subsidiary, Nantong CIMC SinoPacific Offshore & Engineering Co., Ltd. (“CIMC SOE”), has signed a contract with Petredec Pte Ltd (“Petredec”), a leading Singapore-domiciled shipowner and liquified petroleum gas (“LPG”) trading house, for the construction of two 24,000m³ethane/ethylene carriers with an option for two further ships of the same type.
Petredec was founded in 1980 and is headquartered in Singapore. As one of the world's largest LPG traders and shipowners, Petredec has over 30 years of experience operating liquefied gas vessels. Petredec is committed to lowering the shipping industry's environmental impact and owns the youngest and most energy-efficient fleet of ethane/ethylene carriers in the industry.
The newly signed 24,000m³ethane/ethylene carriers will be entirely designed by CIMC SOE and will mark a significant improvement over the 22,000m³ ethane/ethylene carriers available in the market. The cargo capacity has been upgraded from the original 22,000m³to 24,000m³. Additionally, fuel consumption has been significantly reduced while maintaining the same design speed. These vessels will also comply with current international ship environmental regulations, meeting the Ship Energy Efficiency Design Index (EEDI) Phase III and International Maritime Organization (IMO) Tier III emission requirements. Once these vessels are delivered, they will further reduce the average age of Petredec's fleet and enhance both environmental and economic performance.
CIMC SOE has specialized in the liquefied gas ship sector for 15 years, with autonomous capabilities in ship tank containers, fuel tanks, whole ship design, construction, and project management. It has previously successfully delivered over 40 liquefied gas vessels, including the world's largest newly built 20,000m³ LNG carrier and bunkering vessel, which was selected for the “World's Outstanding Ships of 2022”. Their global market share ranks among the top players. As a leader in the sub-segment of small and medium-sized liquefied gas vessels, CIMC SOE has secured a series of orders for various liquefied gas and clean energy vessels this year, including 40,000m³ MGC vessels. As of this release, CIMC SOE's total backlog order exceeds RMB 8 billion.
Petredec President Giles Fearn expressed, "Petredec is pleased to establish a partnership with CIMC SOE. We are also expanding our ethane/ethylene fleet to consolidate Petredec's market leadership position. The ethane/ethylene sector is well positioned to benefit from the favourable fundamental tailwinds of strong, visible export capacity expansion in the U.S. and restricted fleet growth over the next five years."
Mr. Gao Wenbao, Vice President of CIMC Enric and General Manager of CIMC SOE, commented, "Petredec has a long history of successfully building high-quality vessels in China, and we are delighted that Petredec has entrusted CIMC SOE with the design and construction of their latest series of 24,000m³ethane/ethylene carriers. We look forward to working closely with Petredec to deliver this project successfully, and we believe that the quality and performance of these transport vessels will set industry benchmarks. In the future, we will continue to lead with our dual-carbon strategic goals, deepen our strategic cooperation with high-quality customers in the shipping industry, and fully support the green transformation of the shipping industry."
