Narrative
Full Description
Project narrative
In late 2022, China Eximbank provided a buyer’s credit facility to CMB.TECH (CMBT) — a subsidiary of Compagnie Maritime Belge N.V. (CMB) — to partially finance a $1.26 billion commercial contract with Qingdao Shipyard Co. Ltd. and Qingdao Beihai Shipbuilding Co., LTD. The contract, signed in November 2022, involves the acquisition of eleven vessels, including six 5,900 TEU container ships, four 210,000-ton bulk carriers, and one 25,000-ton chemical/product carrier. These vessels are the world’s first ammonia-ready dual-fuel ships, designed to operate with both diesel and ammonia, reflecting a significant advancement in environmentally sustainable maritime technology. The first of these vessels, the CMA CGM Masai Mara, was delivered on May 23, 2023. The 5,900 TEU (77,000 dwt) vessel, operating under charter to CMA CGM Group, features a high level of automation, low energy consumption, and an innovative ammonia/diesel dual-fuel propulsion system. With a capacity of 6,014 TEU with 1,150 refer points, the vessels also qualify as the largest under construction at the shipyard and in Shandong Province, China. Each of the ships is 787 feet long and according to the shipyard employs a new generation of wide-body design which will give them extra route flexibility. The design of these vessels ensures compliance with the latest International Maritime Organization regulations, offering flexibility for global deployment across various non-polar routes. The CMA CGM Masai Mara departed Qingdao on May 28 entering service of CMA CGM’s West Africa route. In addition, on November 24, 2023, the groundbreaking of the 210,000-ton bulk carrier (No. 48) happened in Qingdao. Beihai Shipbuilding is responsible for the construction of this ship. The ship is designed to have a total length of 300 meters, a molded depth of 25.2 meters, a structural draft of 18.4 meters, and a service speed of 14.5 knots. On May 22, 2024, Beihai Shipbuilding started construction for another 210,000-ton bulk carrier (No. 43). Moreover, on April 17, 2024, the 4th 6,000 TEU container ship is named ‘CMA CGM Baikal’ in Qingdao. These developments mark significant steps in the transition towards alternative fuels in the shipping industry, with CMB continuing to support decarbonization through the integration of hydrogen and ammonia technologies across its fleet.
Staff comments
1. The Chinese project title is 比利时CMB N.V.下属公司购船项目 or 比利时CMB项目. 2. On December 22, 2023, Euronav acquired CMB.TECH, the clean technology arm of its largest shareholder Compagnie Maritime Belge (“CMB”), for $1.15 billion. Euronav is a Belgian international shipping company which focuses on oil transport by sea. It is the largest NYSE listed independent crude oil tanker company in the world and is considered a major independent global oil shipping firm. CMB.TECH is a diversified maritime cleantech firm that builds, owns, operates and designs hydrogen and ammonia-fueled engines. It is also involved in the production of hydrogen and ammonia fuel. 3. The face value of the buyer’s credit from China Eximbank is unknown. For the time being, AidData assumes that it is worth 85% of the value of the $1.26 billion commercial contract between Qingdao Shipyard Co. Ltd., Qingdao Beihai Shipyard Co. Ltd., and Compagnie Maritime Belge N.V. (CMB).