TGE Marine Gas Engineering is pleased to announce the contract signature for gas plant systems and cargo tanks
1 Oct 2010
TGE Marine Gas Engineering is pleased to announce the contract signature for gas plant systems and cargo tanks for a series of 8 × 12,000 cbm Ethylene-carriers with Daewoo Shipbuilding & Marine Engineering (DSME). The project was developed by TGE’s engineers in close co-operation with the owner, Woodside Holding International Shipping PTE, Singapore, DSME and the broker Joachim Grieg & Co., Norway. The delivery schedule expands over the next 3 years.
Earlier in the year TGE has already signed contracts with its long term client Anthony Veder Group, Holland, for the delivery of gas plant and cargo tanks for a series of 3 × 6,500 cbm Ethylene-carriers. The shipbuilding contract was originally signed in Korea but failed to come into effect due to missing refund guarantees. The shipbuilding contracts have now been agreed upon and signed between Anthony Veder Group and Dingheng Ship Industry Corporation, China.
For both projects the basic ship design packages have been contracted with TGE too. The total value of all contracts is in excess of 108 M€.
TGE’s CEO Manfred Küver commented: “We are extremely pleased with the way in which the ethylene carrier market has bounced back quite substantially after a long period of limited orders. These contracts clearly demonstrate TGE’s position as market leader and form a solid basis for further market recovery. Further projects under discussion and progress in the small LNG supply chain market support a positive business outlook for this financial year.”