A new Chinese shipyard enters the large-scale LNG shipbuilding market

French GTT (Gaztransport & Technigaz) has signed a technical assistance and licensing agreement with CMHIJiangsu, a subsidiary of China Merchants Industry Holdings.

The signing of the agreement means that China Merchants Heavy Industry will have the qualification to build large-scale LNG carriers using GTTMARK III membrane containment system, becoming the fifth domestic company capable of building LNG carriers.

LNG is highly flammable and leaks during transportation. It is easy to cause an explosion. Therefore, this type of ship is internationally recognized as a high-tech, high-difficulty and high-value-added ship, just like aircraft carriers and luxury cruise ships. It is known as the jewel in the crown of the shipbuilding industry.

Since the beginning of this year, the conflict between Russia and Ukraine has exacerbated the tension and volatility of the global LNG market, resulting in a substantial increase in LNG ship orders. According to data from Clarksons Research, a shipping market analysis agency, in the first eight months of this year, the number of new orders for LNG carriers worldwide has reached 111, surpassing the 86 in the whole of last year and setting a new historical record.