Seaspan Corporation (Seaspan) (NYSE:SSW) today announced a framework agreement for strategic cooperation with COSCO SHIPPING Energy Transportation Co., Ltd. (COSCO SHIPPING Energy). COSCO SHIPPING Energy specializes in LNG, oil products, and other energy transportation under China COSCO Shipping Corporation Ltd., (COSCO Shipping), and has the largest LNG fleet in China.
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. 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.
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."
About COSCO SHIPPING Energy Transportation Co., Ltd.
COSCO SHIPPING Energy is a company specialising in LNG, oil products, and other energy transportation under COSCO Shipping and it has the largest LNG vessel fleet in China. At present, it has 29 LNG vessels in operation and 9 LNG vessels in order book.
Source: Seaspan Corp