Sustained Growth in the Shipping Industry - New Orders for Offshore Clean Energy Increase 11 Times YoY in the First Quarter
([-] April 2024, Hong Kong) – CIMC Enric Holdings Limited and its subsidiaries (collectively, "CIMC Enric" or "Company") (stock code: 3899.HK) are pleased to release that Nantong CIMC SinoPacific Offshore & Engineering Co., Ltd. (“CIMC SOE”), a subsidiary of the Company, has successfully signed a contract with Avenir LNG Limited (“Avenir LNG”), a Bermuda based company, for two 20,000m³ LNG carrier and bunkering vessels which are scheduled to be delivered in Q4 2026 and Q1 2027.
The newly ordered vessel type is designed and constructed independently by CIMC Enric, with a total length of 160 meters, a beam of 25 meters, and a designed speed of 15.5 knots. As a new generation of 20,000m³ LNG carrier and bunkering vessels, its core highlights are the installation of the latest WINGD dual-fuel engines and the application of iCER technology (intelligent Control of Exhaust Gas Recirculation). Whether operating in fuel or LNG mode, it can meet the strict standards of IMO Tier III, effectively reducing pollution emissions, methane leakage, and greenhouse gas emissions, in line with the development trend of green shipping. In addition, CIMC Enric has also made bold innovations and optimisations in the cargo maintenance system, giving this vessel a significant advantage in evaporation rate compared to similar-sized vessels in the market.
Previously, CIMC Enric has had multiple cordial collaborations with Avenir LNG, successfully delivering two 20,000m³ LNG carrier and bunkering vessels and two 7,500m³ LNG carrier and bunkering vessels, earning wide praise from the customers. Now, the returning client’s decision to once again cooperate with CIMC Enric demonstrates high recognition of the Company's technical strength, service quality, and market reputation.
Benefiting from increasing demand, technological advancements, and environmental policies, a new round of the shipbuilding cycle has begun. According to data from the China Association of the National Shipbuilding Industry, in 2023, China's newly received ship orders amounted to 71.2 million deadweight tons, a year-on-year increase of 56.4%. As a leader in the global market for small and medium-sized liquefied gas carriers and bunkering vessels, CIMC Enric has obtained new orders and alternative orders for nearly 20 major ship types in 2023, including LNG, liquid ammonia, LEG, and other liquefied gas carriers, LNG bunkering vessels, and vessels fueled by clean energy.
Since the beginning of this year, the green shipping market has continued to show strong growth. In the first quarter of 2024, CIMC Enric secured several new shipbuilding orders, including 2+2 40,000m³ LPG/liquid ammonia carriers. The newly signed orders for offshore clean energy saw a significant YoY increase of 11 times, and the backlog orders amounted to RMB12.35 billion as of the end of March, nearly doubling YoY. In addition, the Company successfully delivered an 8,200m³ LNG bunkering vessel in the first quarter and recently named and delivered a 7,200m³ LEG carrier.
In the future, the Company will actively seize market opportunities, provide customers with high-quality ship products, and continue to promote the low-carbon transformation of the global shipping industry.
About Avenir LNG
Avenir is a leading midstream LNG & BioLNG company focused on serving small-scale demand for the maritime sector, industrial consumers, and power generation. It owns and operates a fleet of 5 modern LNG Bunker and Supply Vessels with 2 vessels under construction and a small-scale LNG terminal in Sardinia, Italy.
