Greece-based shipping group TMS Cardiff Gas has deepened its investment in the LNG sector by placing orders for up to four newbuild X-class LNG ships with Hyundai Heavy Industries and Samsung Heavy Industries – and may exercise an option for further vessels in the near future, according to founder Christos Economou.
Like the earlier order for a similar X-class ship placed with Hyundai Heavy in January 2018, the new vessels will go straight into long-term time charter contracts with Shell.
The vessels will have a capacity of 174,000 m3 and will feature dual-fuel XDF propulsion requiring low-pressure fuel gas. When the latest ships are delivered between 2020 and 2021, they will bring the group’s fleet of X-class vessels to 11 out of a total managed fleet of 16.
“Shell is a very important customer in our expanding LNG shipping business,” said Mr Economou. “We look forward to providing them with first-class LNG shipping services.” He added that TMS Cardiff Gas “maintains its appetite for further growth in the sector, which is reflected by the additional capacity made available with optional vessels for delivery in 2021.”
The orders further fatten the books of two of the world’s biggest shipyards, as measured by dollar value of orders, following a bonanza 2018. According to Clarkson Research, Hyundai Heavy Industries booked US$13.3Bn worth of orders last year, exceeding by US$1.32Bn its original target, while Samsung Heavy Industries closed US$6.8Bn in newbuild commissions, beating its projections by about US$200,000.
Based in Athens, TMS Cardiff Gas was established in 2011 to manage Cardiff’s LNG and LPG fleet. According to the company site, it boasts a perfect operating record.
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