(@ March 2024, Hong Kong) – CIMC Enric Holdings Limited and its subsidiaries (collectively, "CIMC Enric" or "Company") (stock code: 3899.HK) released that on 27 February, Nantong CIMC SinoPacific Offshore & Engineering Co., Ltd. ("CIMC SOE"), a subsidiary of the Company, successfully delivered the second 8,200m³ LNG bunkering vessel designed and constructed for Italian shipowner Fratelli Cosulich Group. This further consolidates CIMC Enric's leading position in the global LNG bunkering vessel market, and also shows that the Company continues to support customers in advancing the development and application of clean energy in the shipping industry, and promotes the low-carbon and green transformation of global shipping.
The delivered vessel is named "Paolina Cosulich," with a total length of 113 meters, a beam of 20 meters, and a depth of 13.5 meters. It is classified by RINA, the Italian Ship Classification Society. This ship is the second vessel in the series of 8,200m³ LNG bunkering vessels built by CIMC Enric for Fratelli Cosulich Group. On the basis of the first delivered vessel, the Company has further enhanced the construction capabilities and standards of this ship type. The integrity of the vessel before launching has been significantly improved, reducing subsequent dock outfitting time, and the gas trial process has become more mature. Additionally, this vessel is equipped with complete LNG bunkering capabilities, meeting global emission standards and satisfying the increasing demand for green shipping across the globe.
Fratelli Cosulich Group, our cooperation partner, is a well-established, internationally renowned shipowner and ship fuel supplier. They have consistently aligned their core services with sustainable development and have been at the forefront of green shipping practices. Ms. Li Shengchun, the vessel's godmother, stated, "Paolina Cosulich is the second LNG bunkering vessel built through the collaboration between Fratelli Cosulich Group and CIMC SOE, incorporating cutting-edge technology and design. We are confident that both parties will continue to progress steadily and go further on the path of promoting sustainable green energy in the shipping industry."
In 2023, the proportion of clean energy-powered vessels, including LNG, further increased to meet emission reduction demands. Data from Clarksons Research revealed that approximately 539 newly constructed vessels used clean energy alternative fuel in 2023, accounting for about 45% of the total newly built vessels in terms of tonnage. Among them, there were 220 new orders for LNG-powered vessels. With the growth of LNG-powered vessels, the global LNG bunkering market is also expanding. The latest "Global LNG Bunkering Market Report 2023-2029" by QYResearch projected that the global LNG bunkering market will reach USD1.75 billion by 2029, with a CAGR of 30.3% from 2023 to 2029.
CIMC Enric is committed to deepening its presence in the high-end, clean, energy-powered vessel and LNG refuelling vessel construction field. The successful delivery of this project has received high praise from the shipowner. In the future, the Company will continue to develop new technologies and products, deepen cooperation with shipowners, and jointly promote the development of the global market for clean energy vessels, including LNG, making greater contributions to achieving the net-zero goals of the global shipping industry.
Mr. Gao Wenbao, Vice President of CIMC Enric and General Manager of CIMC SOE, stated, "The delivery of the vessel is not the end, but a new beginning. CIMC Enric is committed to implementing the concept of green and sustainable development, expanding the strategic development of clean energy, continuously improving management capabilities, providing the best services to shipowners and customers, and creating more high-quality vessels with higher standards and stricter requirements. Together, we will drive the global shipping industry towards a zero-carbon future."
About Ship Godmother
A newly constructed ship, like a newborn baby, must undergo baptism and naming and a grand ship naming ceremony called Ship Christening. The person invited to name the new ship becomes its godmother - the Ship Godmother.
The Ship Godmother concept originates from a European traditional custom. It involves inviting a female with status and prestige to serve as the godmother when a new ship is launched or embarks on its maiden voyage. The purpose is to pray for the safe navigation and successful completion of the ship's missions. During the ceremony, the Ship Godmother will smash a bottle of champagne against the ship's bow, known as the "bottle-breaking ritual." If the champagne bottle can be successfully shattered in one attempt, it signifies that the ship's future voyages will be smooth sailing.
