The ownership of the four VLGCs currently under construction at COSCO SHIPPING (Qidong) Offshore has changed.
Recently, COSCO SHIPPING Energy Transportation announced that its wholly-owned subsidiary, Dalian COSCO SHIPPING Energy Supply Chain Co., Ltd. (“Dalian COSCO SHIPPING Energy Supply Chain”), will enter into a share purchase agreement with China COSCO Shipping Corporation Limited (“COSCO Shipping”) to acquire 100% of the equity in COSCO Shipping Dalian Investment Co., Ltd. (“Dalian Investment”) held by COSCO Shipping for approximately RMB 1.585 billion (approximately US$232 million) in cash.
The announcement states that the parties will complete all closing procedures by July 25, 2026, or on such other date as may be agreed upon. The purpose of this transaction is to consolidate Dalian Investment’s high-quality assets and businesses—including its under-construction Very Large Gas Carriers (VLGCs) and storage and logistics park—into COSCO SHIPPING Energy Transportation, with the aim of integrating energy and chemical transportation resources.
Dalian Investment’s wholly-owned subsidiary, Dalian COSCO Shipping LNG Transportation Co., Ltd. (“Dalian LNG”), holds core assets including four VLGCs currently under construction. These vessels, with a capacity of 88,000 cubic meters, are being built by COSCO SHIPPING (Qidong) Offshore.
The construction contract for four VLGCs was signed on December 31, 2024, with a total contract value of RMB 3.209 billion (approximately US$470 million). Two of the vessels are expected to be delivered and enter service in 2026, while the other two are expected to be delivered and enter service in 2027.
Designated by the Marine Design and Research Institute of China (MARIC), this VLGC is equipped with an LPG dual-fuel main engine and a shaft generator. With an overall length of 230 meters and a beam of 32.25 meters, the vessel features A Type independent liquid cargo tanks, and its hull design has been optimized to further enhance cargo capacity utilization. In addition to transporting LPG, the vessel is also capable of carrying liquid ammonia, enabling it to meet future market demand for liquid ammonia transportation.