Cosco Shipping Heavy Industry inks LNG cooperation deals

Chinese shipbuilder Cosco Shipping Heavy Industry has signed LNG cooperation agreements with compatriot Hudong-Zhonghua Shipbuilding and France’s GTT.

Under the deal with Hudong-Zhonghua signed on Tuesday, the two shipbuilders aim to join forces in the field of construction and repair within the liquefied natural gas industry.

The framework deal will boost the cooperation between the duo and contribute to the establishment of a domestic ship repair base for large LNG carriers, according to a statement by Cosco Shipping Heavy Industry (CHI).

In addition to this deal, CHI recently renewed a strategic cooperation pact with French LNG containment specialist GTT.

The two companies signed a strategic cooperation deal back in 2017 and a technical service agreement in 2018.

CHI, through its shipyard Cosco Zhoushan, has already been qualified by GTT as an approved repair shipyard and plans this year to qualify another yard of the group.

The shipbuilder with the support of GTT has upgraded its first Mark III LNG carrier in 2017 which was a breakthrough for Chinese shipyards in this field.

“The renewal of this agreement will not only help GTT and CHI to face the current market challenges together, but also to provide clients with more comprehensive solutions for their projects”, the shipbuilder said.