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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

HOTO: CHINA INTERNET INFORMATION CENTER

April 7, 2008

China delivers first LNG ship

The first Chinese-built liquefied natural gas carrier, Dapeng Sun, has just been delivered to its owners China LNG Shipping.

"It's a major milestone in China's shipbuilding industry. Now we are able to produce LNG tankers on a large scale," said Xiao Hongxing, chief engineer of Hudong-Zhonghua Shipbuilding (Group) Co., Shanghai, the LNG carrier's builder and a unit of China State Shipbuilding Corporation (CSSC).

The ship was originally scheduled for delivery in November last year. Mr. Xiao said there was some delay in delivery after builders found problems in pipe parts supplied by one domestic company. He also said construction costs had risen a lot over the past few years.

The 147,000 cu.m vessel cost US$160 million to build according to Shanghai Daily.

The vessel has been built under a cooperation agreement between Hudong-Zhonghua Shipbuilding and Aker Yards in France, the former Chantiers de l'Atlantique.

Aker Yards has provided the design and technical assistance throughout the entire construction and testing period.

Aker Yards says the experience of the technology cooperation between Hudong-Zhonghua Shipbuilding and Aker Yards has been positive and "demonstrates that for LNG carriers, the most valuable and complex merchant vessels, the combination of the power of a large scale Chinese shipyard, such as Hudong-Zhonghua, with the special expertise and technical support of Aker Yards can overcome all start-up challenges and lead finally to convincing results."

"During the delivery ceremony I proudly received thanks and very positive statements from the owners and from the Chinese yard regarding the attitude, performance and contribution of Aker Yards's LNG team in Shanghai" says Michael vom Baur, Senior Vice President and Head of LNG activities for Aker Yards ASA.

"I think the team, including Dante Yvon, General Manager of Aker Yards' Shanghai representation Office, Yann Penduff, Aker Yards' LNG project permanent technical representative as well as to all other involved staff of AY LNG Unit and AY SA, St.Nazaire, did a great job", says vom Baur.

The ship is ABS classed and has a No.96 membrane containment system (under license from GTT).

Vom Baur says that technical cooperation is a good opportunity to commercialize Aker Yards know how in market segments where the company could not deliver ships from its own yards at competitive market prices "with the positive effect, that we are able to maintain competence-teams and thus the option for future business on our own shipyards.

At least four more LNG carriers of the same type are set to be delivered under the same framework agreement, and Aker Yards and CSSC are presently also exploring possibilities for future long term cooperation.

Dapeng Sun is owned by a consortium of investors that includes China Ocean Shipping (Group) Co and BHP Billiton Petroleum (North West Shelf) Pty Ltd.

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