China's Sinotrans to Build Five LNG Vessels for Yamal Project

Sinotrans Shipping Limited has entered into agreements with Dynagas and CLNG for construction of five LNG vessels for Russia’s Yamal project.

Hong Kong-listed Sinotrans Shipping said it has formed five joint ventures in which it indirectly owns 25.5 percent stake. China LNG Shipping will also own a 25.5 stake in the JV, while Athens-based LNG shipper Dynagas will take a 49 percent stake.

The company has in September announced it was in negotiations with certain parties in relation to participation in a possible joint venture to commission the building of five Arctic LNG carriers to engage in the LNG Arctic shipping business.

Construction of the Vessels was commissioned by Yamal pursuant to the shipbuilding contracts with Daewoo and DY Shipping Limited (as shipbuilders) dated 29 December 2014, Sinotrans stated.