(1) COSCO Shipping Energy Invests in MOL’s LNG Carrier Project
In a new partnership, COSCO Shipping LNG Investment is acquiring a 49% ownership stake in three separate shipping companies established by Japan’s Mitsui O.S.K. Lines, Ltd. (MOL) in Liberia. The objective of this venture is to build three LNG carriers with a capacity of 174,000 cubic meters each at the Hudong-Zhonghua shipyard, with delivery expected in 2028.
MOL had commissioned these three vessels in the previous September, as part of their commitment to procure a total of ten similar units. Out of these, six vessels are designated for charter by CNOOC Gas & Power Group, a subsidiary of the China National Offshore Oil Corporation (CNOOC).
The estimated total investment for each of these ships is approximately $241.07 million.
Following construction, the three new vessels will be under charter agreements with ENN LNG, a subsidiary of China’s ENN Natural Gas, based in Singapore. ENN Natural Gas holds a significant position in China’s natural gas market, supplying around 10% of the country’s natural gas requirements and operating an LNG terminal in Zhoushan, Zhejiang Province.
(2) Kolkata Port Strikes a Deal with Bangladeshi Firm for Innovative Transport Route to Northeast India
On Monday, the Syama Prasad Mookerjee Port in Kolkata inked an agreement with Saif Powertec Ltd (SPL) from Bangladesh, aimed at establishing a groundbreaking multimodal transport route linking the riverine port to northeast India via Chattogram, Mongla Ports, and the Pangaon Inland Container Terminal.
SPL, in collaboration with the Kolkata port, has decided to introduce two dedicated vessels specifically for containerized cargo shipments using the Indo-Bangladeshi Protocol route.
Rathendra Raman, the port chairman, expressed optimism about the development, stating, “The introduction of a consistent liner service with container vessels on riverine and sea routes, equipped with efficient handling facilities at the ports, will encourage traders from both India and Bangladesh to utilize waterways for regular transportation of goods.”
The Pangaon Inland Container Terminal currently handles an annual volume of 116,000 tonne equivalent units (TEUs) of containers.