The LOI is based on a firm order for four 200MMscf CNG ships with the option for up to an additional four ships.

GEV and CIMC Raffles will now work towards a binding shipbuilding engineering, procurement & construction contract, employing GEV’s CNG Optimum design for the CNG Optimum ships.

Jens Martin Jensen, non-executive director of Global Energy Ventures, says, “CIMC Raffles have proven to be a highly credible and very capable yard for newbuilds, and they are without doubt an investment grade shipyard for GEV’s first marine CNG project. They are the logical choice for GEV given their scale of operations to support a multiple ship order, their history of building the only CNG ship to date, and a track record in successful EPC delivery.”