A view of a port in Qidong. [Photo/WeChat account: qidongfabu]

Nantong CIMC Sinopacific Offshore & Engineering Co, a leading shipyard based in Qidong city in East China's Jiangsu province, has recently signed a contract with Petredec, a Singapore-based company, for the delivery of four ethane/ethylene-capable handy-size vessels with a carrying capacity of 24,000 cubic meters.

The company will independently design the new units, which will offer significant improvements compared to the existing 22,000 cu m vessels on the market. The cargo capacity has been upgraded while fuel consumption has been greatly reduced without compromising the design speed. These vessels will also comply with the current international regulations pertaining to ship emissions.

Giles Fearn, CEO of Petredec, expressed his delight in collaborating with CIMC Pacific, saying, "Petredec is delighted to establish a relationship with CIMC Sinopacific Offshore & Engineering and to consolidate its leading market share by expanding its ethane/ethylene-capable fleet, which is well positioned to benefit from the favorable fundamental tailwinds of strong, visible export capacity expansion in the United States and restricted fleet growth over the next five years."

With a focus on the liquefied gas vessel sector for the past 15 years, CIMC Sinopacific possesses independent capabilities in designing, constructing, and managing vessel projects, including specialized tanks and fuel tanks. As a leading company in the medium-sized liquefied gas vessel market segment, it has secured numerous orders, including a recent one for a 40,000 cu m multi-gas carrier, bringing its total order value to over 8 billion yuan ($112 million).