On the 18th of January 2018, one year after the merger of Cosco and China shipping shipyards, to become CHI (Cosco Shipping Heavy Industries) CHI and GTT signed a strategic agreement to cope with the market challenges and future business developments, such as LNG as fuel newbuildings and retrofits, small-scale LNG carriers, FLNG, etc.
CHI now owns 10 modernized shipyards located all over China, and more than 30 specialized companies focused on providing professional support to its core business. The Group has a capability of repairing & retrofitting around 1,500 merchant vessels, building 11 million DWT new ships annually, and repairing, building various kinds of offshore projects.
In order to maintain its competitiveness and cover all the products in its fields of specialisation, CHI has defined a sustainable development strategy. Furthermore, as it represents the core market, repairing, retrofitting and new building of LNG related ships have been considered among CHI’s future major areas of development.
GTT is an engineering company specialised in containment systems. It designs cryogenic membranes which are used to transport and store liquefied gas, in particular LNG (Liquefied Natural Gas). For over 50 years, GTT has been maintaining reliable relationships with all stakeholders of the gas industry.
The Signing of this strategic agreement meets the long-term planning’s requirements of both companies. It will help ascertain their position, leading to future innovations. This agreement should benefit both parties.
Source: CHI