China's major tanker company, COSCO Shipping Energy Transportation Co., has announced its participation in the investment and construction of three LNG carriers. In this venture, COSCO Shipping LNG Investment will acquire a 49% stake in three single-ship companies established by Japan's Mitsui O.S.K. Lines, Ltd. (MOL) in Liberia. The project aims to construct three 174,000 cubic meter LNG carriers at Hudong-Zhonghua, with delivery scheduled for 2028.

MOL commissioned these three vessels in September of the previous year, as part of their commitment to procure ten similar units. Six of these vessels are destined for charter with CNOOC Gas & Power Group, a subsidiary of China National Offshore Oil Corporation (CNOOC). The estimated total investment for each ship in this project is approximately $241.07 million.

The three newly constructed vessels will enter into charter agreements with ENN LNG, a Singapore-based subsidiary of China's ENN Natural Gas. ENN Natural Gas is a significant player in China's natural gas market, supplying approximately 10% of the country's natural gas needs and operating an LNG terminal in Zhoushan, Zhejiang Province.

COSCO Shipping Energy holds interests in more than 70 LNG carriers. The company's board unanimously approved this resolution. Additionally, the board approved the financing plan for the construction of two conventional LNG vessels by Shanghai COSCO Shipping Liquefied Natural Gas Investment Co., Ltd., a wholly-owned subsidiary of China COSCO Shipping Energy.

This investment follows a construction contract for two LNG carriers signed by COSCO Shipping Energy and PetroChina with Hudong-Zhonghua Shipbuilding. The vessels are part of the LNG Transportation Phase III Project, jointly developed by COSCO Shipping, PetroChina, and CSSC. The third phase of this project has recently commenced with an order for two LNG carriers.