Hong Kong-listed Cosco Shipping Energy Transportation Co. Ltd. (Cosco) on Friday (27 December) said it has entered into a supplemental agreement with Dalian Shipbuilding for the construction of a liquefied natural gas (LNG) fuelled VLCC as part of its newbuilding programme.
The development will oversee the upgrade of hull no. T300K-91 into a dual fuel crude oil carrier which can utilise LNG as its principal fuel; it will cost the company an additional USD 6 million to do so.
“Pursuant to the Supplemental Agreement, corresponding adjustments have been made to the capacity, speed and fuel oil consumption of the Relevant VLCC, and the technical specifications in relation to the LNG consumption of the Relevant VLCC have also been added,” stated Cosco.
The expected date of delivery of the relevant VLCC will be postponed from 31 March 2021 to 31 December 2021.
“LNG has a low carbon content, higher calorific value per unit and lower power consumption per unit as compared to traditional fuels such as diesel fuel and heavy fuel oil,” explained the company.
“LNG is also expected to be more economical than low sulphur fuel oil.
“The inclusion of dual fuel technology in the construction of the Relevant VLCC which allows it to utilise LNG as fuel will enable the Company to prepare for the more stringent carbon dioxide emission standards under phase 3 of the implementation of the EEDI in advance, and provide the Company with a new solution to the imposition of the Global Sulphur Limit.”
Published: 30 December, 2019
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