Cosco adds its first VLGC with Tianjin Southwest deal

Chinese shipowning giant COSCO has acquired 2016-built 83,000 cbm VLGC Gas Aries from compatriot Tianjin Southwest Shipping.

COSCO Shipping Energy Transport (CSET) has acquired the vessel for an undisclosed price, according to brokers Advanced Shipping & Trading and pricing portal VesselsValue, which places a fair market price of $66.37m on the ship.

The Jiangnan Shipyard-built vessel is the first VLGC in the CSET fleet, and joins a fleet of seven fully pressurized LPG carriers and 135 tankers.

For Tianjin Southwest Shipping, the sale leaves the company with three VLGCs in its fleet of 21 vessels. The company has a further five VLGCs on order at Jiangnan, three of which are scheduled for delivery before year-end.

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