Italy’s Fratelli Cosulich Group has made its official entrance into the LNG bunkering market with the order for the construction of an LNG bunkering vessel.
The announcement confirms market rumors that have emerged earlier this year hinting the company was diversifying its operations with a foray into the LNG bunkering market.
The ship will be built in China, at the CIMC SOE shipyard. At approximately 5,300 tons of DWT, the vessel will be able to transport over 8,000 m3 of LNG and 500 m3 of MGO for bunkering.
The newbuild will be equipped with Wärtsilä’s propulsion and power generation systems.
The cargo management system will be designed and built by Wartsila Gas System and will be equipped with both quantitative and qualitative LNG and natural gas (GN) fiscal measurement systems, as well as with an LNG sub-cooling system.
The propulsion and manoeuvring system will be azimuth type, with double bow thruster to allow high manoeuvrability in port areas.
The total value of the investment is approximately $45 million.
The financing is being provided through the group’s equity as well as the support from a pool of financial institutions composed of BPER Banca, Banca Popolare di Sondrio, Cassa Depositi e Prestiti, and the insurance coverage from SACE Simestwith “Garanzia Green.
As informed, due to the project’s environmental features and contribution to the decarbonization of the maritime industry, it may be awarded a grant of €4.5 million ($ 5.47 million) by the European Union under the Connecting Europe Facility (CEF) programme.
“It is our responsibility to make shipping increasingly respectful of the environment, in the interest of future generations. We acted proactively, in order to offer the coverage of the Mediterranean basin, following the trend that sees new ships under construction equipped with alternative propulsion, especially in the field of passenger ships,” Honorary President of the Group, Ing. Andrea Cosulich , said.
Delivery of the LNG bunkering vessel is expected in the summer of 2023.