China’s Tianjin Southwest Maritime (TSM) is adding another LPG-fuelled gas carrier newbuilding to its growing fleet.
Industry sources said the Guangzhou-based shipowner has signed up for a second dual-fuel, 86,000-cbm VLGC at Jiangnan Shipyard.
They said the deal involves the exercising of an option that the company held at the yard when it ordered a similar ship, as reported by TradeWinds in January.
Officials at Jiangnan declined to comment on its newbuilding activities, citing contract confidentiality, while TSM does not discuss market reports.
Shipbuilding players familiar with TSM said it is scheduled to take delivery of the VLGCs in the first and third quarters of 2021.
Will Trafigura be next?
TSM was the first company to order VLGC newbuildings with propulsion systems that can use LPG in addition to traditional bunkers. Only three other dual-fuel VLGC newbuildings have been contracted since then: Singapore’s Kumiai Navigation has ordered an 84,000-cbm VLGC at Kawasaki Heavy Industries; and Belgium’s Exmar signed up for two 86,000-cbm ships at Jiangnan.
Trader Trafigura could be next in line. In June, it was reported to be in talks with Hyundai Heavy Industries for two LPG-fuelled VLGC newbuildings. TradeWinds understands discussions between the companies are still underway.
It is not known how much TSM is paying for its newbuildings. But the vessels are designed by Jiangnan and will comply with IMO Tier III emissions regulations and the latest International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk.
Word that it has added to its VLGC orderbook comes after TSM helped Huangpu Wenchong Shipbuilding break into the gas carrier sector by commissioning it to built a 9,500-cbm multipurpose gas carrier fitted with type-C cargo tanks that can hold LNG, ethylene and LPG. Delivery is scheduled for late 2021.
TSM is the shipping arm of Wideshine Enterprises, which is part of the Wideshine Group, whose interests include kettle manufacturing, warehousing and distribution.
According to VesselsValue, TSM’s fleet comprises seven tankers and 17 gas carriers. The LPG fleet is made up of five VLGCs, 11 fully pressurised small gas carriers and a 22,000-cbm semi-refrigerated gas ship.
