Caixin Global – Latest China News & Headlines

Home >


CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

China’s State Asset Overseer Appoints New Director
Ex-Moutai Chairman Ousted From Communist Party as Corruption Charges Loom
Two ‘Big 4’ Banks Expected to Open Wealth Management Units in June
Baidu Continues Shaking Up Its Management Board
Xiaomi Fires Vice President for ‘Obscene’ Behavior
Update: Chinese EV Startup Digs Into Real Estate
Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina
U.S. Companies and Consumers Pay for China Tariff Costs, IMF Says
Weibo Shares Slump After Q1 Revenue Growth Slows
Anxin Trust Questioned for Plunging Profits and Accounting Errors
Meituan Sees Strong Revenue Growth, Despite Drag From Mobike
DHL, Panasonic Deny Severing Huawei Ties
China Renewables Industry Comes of Age With Ambitious Subsidy-Free Projects
China Readies 600 Kph Maglev Prototype
Mercedes-Benz Makes it Easier to Trade in Defective New Cars in Wake of PR Nightmare
Shanghai Man Sentenced to Death for Child Murder
How to Find Illegal Lenders? Watch Who’s Taking Cases to the Courts
Pull the Brakes on New Gas Car Sales by 2030, Think Tank Tells Beijing
Hong Kong-Listed China Telecom Gets New Chief
Tencent Leads $250 Million Round in Chinese Travel Site Mafengwo
Cabinet Vows to Promote Debt-for-Equity Swaps to Relieve Debt
More Bidders Join the Race for $5.79 Billion Gree Stake
Regulators Halt High-Interest ‘Smart Deposits’: Sources
China May Float World’s Biggest LNG Tanker

By Jia Tianqiong and Han Wei / Apr 04, 2019 03:15 AM / Business & Tech

Photo: VCG

Photo: VCG

A unit of China’s state-owned shipbuilding giant China State Shipbuilding Corp. (CSSC) is planning to build the world’s biggest liquefied natural gas (LNG) tanker in response to rising demand for the cleaner fuel in China and worldwide.

Shanghai-based Hudong-Zhonghua Shipbuilding (Group) Co. Ltd., the CSSC unit, said earlier this week that it will work in partnership with the Norway-based maritime classification society DNV GL to develop a new vessel with the capacity to carry 270,000 cubic meters of LNG. Currently the world’s biggest LNG tanker, built by South Korea’s Samsung Heavy Industries Co., can carry 266,000 cubic meters of LNG.

Global trade in LNG by volume increased 5% year-on-year in 2018. China imported 53 million metric tons of LNG, 43% more than in the previous year, reflecting the country’s shift from fossil fuels to cleaner forms of energy. China is the world’s second-largest LNG importer after Japan. Experts estimated that China’s annual imports of LNG will reach 100 million metric tons by 2030.

Global shipping companies are adding capacity for LNG transport in response to the rising demand. In 2018, 550 LNG tankers were in operation worldwide with total capacity of 44 million deadweight tons, up 10.5% from 2017.

Caixin learned that it will take at least two years for Hudong-Zhonghua and DNV to complete research and development of the new vessel and for the Chinese shipbuilder to obtain a permit for construction. Hudong-Zhonghua is the only Chinese shipbuilder that has the capability to build LNG tankers and one of 13 global shipyards qualified for such a project.

Related: China’s Natural Gas Consumption Grew 16% Last Year

Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.