First LNG Carrier Delivered for Sinopec Project

MOL The first in a series of six liquefied natural gas (LNG) carriers, the CESI Gladstone, ordered by the joint venture of China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (Sinopec), was delivered on October 31. Featuring a length of 290 meters and a width of 45.6 meters, the carrier was built by Chinas Hudong-Zhonghua Shipbuilding. With a cargo tank capacity of 174,100 cbm, CESI Gladstone will sail under a long-term charter contract to transport LNG that Sinopec will purchase from the Australia Pacific LNG Project. Starting with the CESI Gladstone, a total of six newbuilding LNG carriers will be delivered from this year through 2018. Sinopec and China COSCO Shipping hold 80% of the joint venture, while the remaining 20% is held by Japans shipping company Mitsui O.S.K. Lines (MOL).