Wanhua Chemical Group, a Chinese chemical giant with a huge profit of more than 24 billion yuan, will officially enter the shipping industry, and will spend more than 3 billion yuan to order 4 VLECs in Jiangnan Shipyard.
Wanhua Chemical has ordered 2+2 99,000 m3 VLEC at Jiangnan, each costing about 128 million US dollars, and the total value of the 4 ships is 512 million US dollars (about 3.256 billion yuan). It is estimated that the first 2 new ships will be delivered in 2025.
As early as 2019, Wanhua Chemical decided to enter the shipping market and signed an agreement with ADNOC Logistics & Services (ADNOC L&S), a subsidiary of ADNOC, to form a joint venture company to operate LPG ships. In 2020, the joint venture AW Shipping Limited was established in the Abu Dhabi Global Market (ADGM) in the UAE.
Wanhua Chemical disclosed the 2021 annual performance forecast on January 18. According to preliminary estimates, the net profit is 24 billion yuan to 25.2 billion yuan. Compared with the same period of the previous year, an increase of 14.5 billion yuan to 15.7 billion yuan, a year-on-year increase of 152% to 165%.
Source: Xinde Marine News Sarah Yu
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