Daewoo Shipbuilding & Marine Engineering have signed a letter of intent to build eight very large gas carriers (VLGC) with shipping outfit China Peace, according to shipping news provider, Tradewinds.
China Peace has joined the recent race in the shipping industry to invest in building VLGCs. The company plans to order at least 14 vessels and is currently in negotiations with domestic and Korean shipyards.
Market players said China Peace already signed a LOI with Daewoo for four plus four 84,000-cbm VLGCs.
These new builds, slated for delivery in 2016, are said to cost China Peace around $80m apiece, which would be expanded up to $640m when all options are exercised.
Sources said that these new build VLGCs are expected to transport cargo for China National Petroleum Corp (CNPC).
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