(HONG KONG, May 10, 2021) – CIMC Enric Holdings Limited ("CIMC Enric" or the “Company”, SEHK: 3899 is pleased to announce today that its subsidiary, Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd. (“CIMC SOE”), has signed an agreement with Fratelli Cosulich, an Italian shipowner, for the construction of an 8,200 cubic meter (m³) LNG bunkering vessel and an optional vessel, with an order value approximately USD 45 million (approximately RMB 290 million).
CIMC SOE is experienced in designing and building small and medium-sized LNG carriers and is a leading manufacturer in the field. The 8,200m³ LNG bunkering vessel under the agreement is customized for Fratelli Cosulich, with full bunkering capabilities, and advantages like excellent maneuvering performance, energy saving and being eco-friendly. The construction of another optional LNG bunkering vessel will be confirmed by the shipowner within a certain period. The Fratelli Cosulich Group, internationally recognized as one of the major companies operating in the field of shipping, shipments and logistics, covering all relevant sectors of the shipping industry.
CIMC SOE currently has 7 shipbuilding orders in hand, including LNG bunkering vessels and LPG carriers, etc., with the number at the forefront of the industry. 2-3 full vessels are expected to be delivered this year. The 8,200m³ LNG bunkering vessel signed this time is estimated to be delivered in 2023, while CIMC SOE will recognize revenue proportionally to the significant progress of vessel construction. At present, CIMC SOE has delivered more than 30 gas carriers of various types in aggregate. As of the end of March 2021, CIMC SOE had orders in hand of approximately RMB2.3 billion, representing a year-on-year growth of 15%, while accumulated new orders reached approximately RMB200 million, an increase of 31% year-on-year.
According to Research and Markets, the global LNG bunkering market is expected to reach US$4.9 billion by 2027, growing at a CAGR of 30.3% over the analysis period 2020-2027, with Asia and Europe experiencing particularly rapid growth in the market.
Mr. Gao Wen-bao, General Manager of CIMC SOE, said, “In pursuit of low-sulfur and low-carbon marine fuels, the demand for LNG bunkering in major ports around the globe will be on the rise. Many small and medium ports still lack mature LNG refueling facilities, while the Company’s small and medium LNG bunkering vessels can be used for both ship-to-ship LNG bunkering in port areas and LNG transportation between terminals, providing an ideal option for LNG bunkering in small and medium ports when LNG has not yet been promoted as a marine fuel on a large scale. The order won in Europe will further consolidate our leading position in the construction of LNG bunkering vessels in European market. We will seize the opportunities of LNG in the energy transformation of shipping industry and contribute to promote energy saving and emission reduction for the industry.”
