China Gas reaches VLGC charter contract

China Gas Holdings and CG Fortune Marine have entered into a time charter contract for two new 84000 cubic meters VLGCs. CG Fortune Marine is a joint venture between China Gas and Hong Kong Fortune oil.

The two new ships, ChinaGas Legend and ChinaGas Glory, will be delivered by Jiangnan Shipbuilding, and then chartered to Zhongran Energy, a subsidiary of China Gas, for a term of 10 years and a daily rent of $ 34,760.

China Gas believes that the time charter contract will help the Group meet the transportation needs of the LPG business and its diversified business model.

China Gas said: "Under the time charter contract, Zhongran Energy has the right to use two chartered vessels, including the absolute discretion to sub-lease the vessel to a third party during the charter period. This also gives the group more flexibility in ship deployment and optimizes the economic benefits of ships. "

China Gas is a gas operator and service provider. It is mainly engaged in the investment, construction and operation of gas pipeline infrastructure, gas terminals, storage and transportation facilities.

Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.