Ningbo Ocean Shipping Company is looking to charter two LNG dual-fuel tankers with a capacity of 7,000 CEU for approximately $480 million as part of a long-term charter program. The company stated in a report to the stock exchange that it or one of its subsidiaries intends to lease these tankers from a financing company.
Details of the Charter Agreement
This charter agreement will be for a maximum duration of 20 years. Ningbo Ocean has not yet selected a charter partner, and the final financing terms have not been agreed upon. Additionally, the company has not yet specified the tankers, their source of supply, or their delivery dates. This proposal requires shareholder approval, and voting on this matter is scheduled for October 26.
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Entry into the Car Carrier Tanker Market
This move comes just two months after Ningbo Ocean entered the car carrier tanker market by chartering the Clean Star tanker with a capacity of 7,000 CEU. This tanker has been leased for two years at a cost of about $80,000 per day. The LNG dual-fuel tanker, built in China at the CIMC Raffles yard, has been transporting vehicles produced in China to Europe since August, supported by Greek owner Atlas Maritime and Danish investment company European Maritime Finance. These tankers have stopped at various ports, including Gioia Tauro and Barcelona.
Ningbo Ocean, which is under the control of the Ningbo-Zhoushan Port Group, has traditionally focused on container and dry cargo transportation and has expanded its fleet through ongoing newbuilding programs in Chinese shipyards. The company is seeking to broaden its activities into the tanker market, which could lead to increased service diversity and revenue generation.
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