Tiger Group Investments has recruited veterans of Chinese chemical carrier owner Sinochem International Logistics (SIL) for competing start-up Tiger Gas, which will focus on LNG containers.
Former SIL general manager Xu Junfeng has emerged as head of the low-key project alongside several former SIL colleagues — deputy general manager Yu Dunfeng and supply chain manager Wang Yiqing joined him there last year.
Like SIL, Tiger Gas is targeting Chinese and regional inter-Asian regional business with multiple customers, including Chinese gas importers. Sources said operations are set to go live this year.
Xu, reached during meetings in Beijing, confirmed to TradeWinds that he is heading a project involving LNG with ISO container tanks. It is headquartered at the Shanghai base of chemical carrier and bulker owner Greathorse Shipping but is only connected to Greathorse as part of a sister investment of Hong Kong-based Tiger Group.
The Tiger Gas project, also known as Tiger Clean Energy, is understood to be the brainchild of Tiger Group partner Gerry Wang, who took Seaspan Corp public in 2005. Wang stepped down as Seaspan chairman and chief executive in 2017, along with Tiger Group partner Graham Porter.
Since the Seaspan shake-up and that company’s takeover of Greater China Intermodal Investments (its former joint venture with the Carlyle Group and Tiger Group) Tiger has concentrated on other investments. Those include Greathorse, shoreside lessor Panthera and transportation lending venture Ram Financial. Its partners have kept a relatively low profile.
Wang, however, has been rumoured to be behind new shipping investments including Tonghe International Ship Lease.
TradeWinds recently reported that Seaspan is exploring an LNG shipping move —presumably outside containers — in partnership with China’s Cosco Shipping Energy Transportation.
Wang and Porter could not immediately be reached for comment.