GEV, CIMC Raffles sign LOI for CNG carrier series

Australia’s Global Energy Ventures (GEV) has signed a letter of intent (LOI) with Chinese shipbuilder Yantai CIMC Raffles Offshore for the construction of a new series of compressed natural gas (CNG) carriers.

The LOI is based on a firm order for four vessels with the option for an additional four. The proposed contract price range is US$135 million to US$140 million per vessel.

The first unit of the ABS-classed vessels will be delivered to GEV at the end of a 30-month construction period while the remaining three units of the firm order will be handed over at four-month intervals.