On January 30, COSCO SHIPPING Energy Transportation issued the “Announcement on Bareboat Charter and Time Charter Business of Wholly-Owned Subsidiary.”
The announcement disclosed that Future Ocean LNG Investment, an indirectly wholly-owned subsidiary of COSCO SHIPPING Energy Transportation, signed bareboat charter contracts with a Singaporean shipowner to charter three large gas carriers for a total charter period of approximately RMB 5.1 billion (approximately US$735 million). On the same day, Future Ocean LNG Investment also signed time charter contracts with a Chinese charteree to lease out the aforementioned vessels for a total charter period of approximately RMB 8.8 billion (approximately US$1.268 billion). Both bareboat and time charter terms are 20 years (with options available for the charterers under the contracts).
According to the announcement, all three vessels are not yet in operation and are expected to be delivered sequentially within 2028.
COSCO SHIPPING Energy Transportation stated that the company aims to optimize and upgrade its business structure by deploying a new fleet of energy transport vessels.
The vessels involved in this transaction feature technological advantages such as green and low-carbon operations and multi-liquid cargo compatibility. They can accommodate diverse transportation needs for clean energy chemical feedstocks, enabling the company to better meet key clients’ new business development requirements, enhance customer loyalty, expand transport capacity and development pathways, and consolidate and deepen industrial chain partnerships.