Containership Operator Seaspan Exploring Opportunities in LNG

containership underway
Alex Kolokythas Photography / Shutterstock

Hong Kong-based containership operator Seaspan Corporation has signed a framework agreement with COSCO Shipping’s energy transportation unit for a strategic cooperation related to exploring opportunities in liquified natural gas.

COSCO Shipping Energy specializes in the transportation of LNG, oil products, and other energy products under China COSCO Shipping Corporation, and control the largest LNG fleet in China with 29 LNG vessels in operation and another nine on order.

Seaspan, meanwhile, operates a fleet consisting of 112 containerships with a total capacity of more than 900,000 TEU.

Pursuant to the Agreement, both parties are committed to strengthening “their exchange of and collaboration on opportunities relating to LNG investments, LNG projects, LNG transportation, ethane transportation, or other related and mutually beneficial projects,” according to a press release.

“The strategic partnership will leverage the strengths and networks of both companies, taking advantage of COSCO SHIPPING Energy’s experience in the building, operation, and management of LNG vessels, and Seaspan’s global experience in the operation and management of containerships, as well as the networks and experience of its board members in the energy sector,” the press release stated.

Bing Chen, Seaspan’s President and Chief Executive Officer commented, “Seaspan has long-standing integrated services with COSCO Shipping in container shipping, and we are proud to carry this partnership forward to opportunities in LNG. We are confident that the combined strengths of both companies will generate significant value in the future.”