Trio Led by Wah Kwong Expands LNG Carrier Fleet in China

Hong Kong shipowner, in partnership with China Gas Holdings and CSSC Shipping, to boost LNG carrier capacity with newbuild order at DSIC.

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Hong Kong-based shipowner Wah Kwong Maritime Transport, in collaboration with its joint venture partners China Gas Holdings and CSSC Shipping, is poised to augment its LNG carrier newbuild orderbook in China. According to reports from MB Shipbrokers, formerly known as Maersk Broker, an imminent order for two 175,000 cubic meter units is anticipated at the state-run Dalian Shipbuilding Industry Co (DSIC) in the coming month.

This move follows the trio’s commitment last year to acquire two firm and two optional LNG carriers from DSIC, with an expected delivery timeline in 2027. The initial two vessels have already secured charter agreements for a duration of 20 years with Gas Hongda Energy Trading, a subsidiary of China Gas, at a daily charter rate ranging between $80,000 and $100,000.

The joint venture, named Sea Jade Investment, comprises key stakeholders, with China Gas holding a 30% stake, CSSC Shipping, the leasing arm of the state-owned China State Shipbuilding Corporation, holding 25%, and the remaining portion under the ownership of Vantage, a division of Wah Kwong Maritime.

This strategic expansion of the LNG carrier fleet underscores the growing demand and strategic importance of liquefied natural gas transportation, positioning the joint venture as a prominent player in the maritime industry’s evolving landscape.

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