CIMC Enric Delivers the World's First 5000m3 Dual-Fuel Fully Pressurized LPG Carrier

(8 December 2021 – Hong Kong) - CIMC Enric Holdings Limited (“CIMC Enric” or “the Company”) together with its subsidiaries (the "Group") (Stock Code: 3899.HK) today announced that its subsidiary, Nantong CIMC SinoPacific Offshore & Engineering Co., Ltd. ("SOE") had successfully delivered the world's first 5,000m3 dual-fuel fully pressurized LPG carrier to Germany’s Hartmann Group in Zhoushan, Zhejiang. The project was inked and delivered entirely online starting with “cloud conferencing” through “cloud contract signing" to "cloud delivery", which demonstrates the high degree of mutual trust between the two companies as well as other partners who collaborated closely on the project.

SOE is a leading supplier in the small and medium-sized liquified gas carrier market, having delivered more than 30 LPG, LNG and LEG carriers of various types. The carrier delivered is the first of three custom-made 5,000m3 fully pressurized LPG series carriers orders by from Hartmann. Named "GASCHEM HOMER", the carrier, has been classified by the classification society DNV. This is the second whole vessel delivered by SOE this year. At present, there are seven more whole vessels orders in hand.

Adopting MAN’s LPG dual-fuel main engine, the carrier is the first dual-fuel fully pressurized LPG carrier in the world. It also meets the latest emission requirements, including the third stage Energy Efficiency Design Index (EEDI) standards ahead of schedule. As an environmentally friendly carrier, it has good market adaptability and strong market prospects. It is among the new class of vessels expected to replace the global fleet of fully pressurized LPG carrier, as well as a benchmark for the construction of dual-fuel vessels.

The hull lines and layout of the vessel is enhanced sharply under the limitations of controlling the length of vessel to within 100 meters. SOE adheres to "green, environmental friendly, low carbon and safety" as the basis of its design concept, which endows the vessel with great reliability, versatility, future-readiness and value for money. Compared with traditional fully pressurized LPG carrier it has the advantages of low fuel consumption and environmental protection. Its overall performance has reached advanced international levels.

During the construction of the vessel, SOE scientifically applied the system engineering method, relying on the company's comprehensive liquefied gas industry chain and standardized production management system to radically shorten the construction cycle, achieve early delivery, improve safety efficiency and save costs. The vessel was contracted by SOE, with the liquid tank and liquid cargo system designed and built by SOE and the hull jointly built by Zhoushan Changhong International Shipbuilding Co., Ltd.

In recent years, under the guidance of the "dual-carbon" target and the promotion of the green shipping strategy, SOE has focused on research and development and construction of clean energy equipment, LNG/ LEG/ LPG carriers and other green vessels, creating a Chinese brand of gas vessels (including LNG carriers and bunkering vessels). To tap into the demand for green shipping, green vessels and intelligent development, the company will continue to optimize asset allocation and achieve high-quality green business development.

With the continuous advance of IMO's global shipping greenhouse gas emission reduction strategy, the application of new energy power, largely adopted in small special vessels, has been expanded to conventional vessel types such as container vessels, oil tankers, bulk vessels and automobile vessels, and the market demand for new shipbuilding has rapidly shifted to green vessel building. According to reliable statistics, the proportion of dual-fuel or clean fuel vessels now accounts for about 30% of new vessel orders. Considering the stricter carbon emission targets imposed by the IMO for new shipbuilding, and the increasingly fierce economic competition for fuel in the future, LPG-powered LPG carriers will become the mainstream. Based on expected cost of fuel in 20 years, shipowners who adopt LPG power can obtain higher efficiencies and cost-effectiveness than those who employ other types of fuel engines.

Mr. Yang Xiaohu, Executive Director and General Manager of CIMC Enric, commented, “the application prospects for small- and medium-sized LPG carriers in Korea and the coastal area of China is very broad. With the increasingly stringent IMO regulations on vessel exhaust emissions, demand is expected to persist well into the future. As a leader in small- and medium-sized liquefied gas carriers, CIMC Enric will be committed to providing all types of high-quality green vessels in order to be fully prepared for future transitions in the vessel market and to contribute to the fulfillment of carbon neutrality targets in China and worldwide.”

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About CIMC Enric Holdings Limited

Founded in 2004, CIMC Enric Holdings Limited has been listed on the Stock Exchange of Hong Kong since 2005. The Company is affiliated to China International Marine Container (Group) Ltd. (“CIMC”) and is principally engaged in distribution, storage and filling equipment that is widely used for the clean energy, chemical, environmental and liquid food industries. CIMC Enric is one of the industry’s leading integrated service providers and key equipment manufacturers. The Company is a major player in both the production and sales of ISO liquid tanks, as well as high-pressure gas storage and transport vehicles. It is among China’s leading companies in the cryogenic transport vehicles and cryogenic storage tanks market; and among the top three in terms of domestic market share for large storage tanks for LNG receiving stations, modular products for LNG refueling stations, and CNG refueling stations. CIMC Enric has a comprehensive plan for a complete hydrogen energy industry chain. It has built a global marketing network with over 20 subsidiaries located in China, the Netherlands, Germany, Belgium, the United Kingdom and Canada that operate production bases and advanced R&D centres.

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