February secondCosco Marine Special Transportation Co., Ltd.(COSCO Haite) issued an announcement that according to the 14th five-year Plan of COSCO Marine Special Transportation Co., Ltd., the company will speed up the transformation and upgrading of ships and further enhance the size and strength of the semi-submersible fleet. To this end, the company's board of directors considered and approved the single shipping company of COSCO Shipping (Hong Kong) Investment Development Co., Ltd., a wholly-owned subsidiary of the company.Guangzhou Shipping InternationalThe Co., Ltd. invested in the construction of a 80000-ton semi-submersible ship at a price of US $123.8 million.
In this transaction, the single shipping company, a subsidiary of the Hong Kong subsidiary, is the main investor. Shipbuilding funds are raised by Hong Kong subsidiaries in the form of their own funds and bank loans. Current assets of the companyBe in debtThe level is reasonable, as a capital-intensive shipping company, maintain a healthy financial structure, risk can be controlled. In the future, the company will supplement the capital needs of the company to invest in shipbuilding by appropriately increasing the amount of financing debt. at the same time, the company will also actively study various financing methods in addition to bank loans, including financial leasing, issuing bonds, etc., in order to match the most appropriate sources of funds for this transaction and comprehensively reduce the overall cost of capital.
According to the announcement, the high-end marine field where the semi-submersible ship is located has the characteristics of high technical threshold and high added value of the industry. according to the company's "14th five-year Plan" strategic plan, the semi-submersible ship business is a focus of the company's future development. the company will continue to cultivate market advantages of semi-submersible ships, create high-quality and characteristic brands, and guide and improve project management by strengthening core technology. Serve the global high-end marine market, energy market and large-scale project market.
The company has 7 semi-submersible ships, including 2 20,000-ton semi-submersible vessels with an age of nearly 20 years. With the continuous updating of the requirements of international conventions and regulations of the industry, and the large-scale development of the main goods in the marine transport market, from the existing scale and development of the company's fleet, it is necessary to speed up to fill the capacity gap in the field of 80,000 tons. After the new 80000-ton semi-submersible ship is built, the company's semi-submersible fleet can achieve full coverage of 20, 000 tons, 40, 000 tons, 50, 000 tons, 80, 000 tons and 100000 tons of mainstream ships, showing a reasonable echelon structure at both ends in the middle, and the fleet structure is more reasonable, which can further enhance the overall competitiveness of the semi-submersible fleet and achieve the strategic goals of industry leaders.
The 80000-ton semi-submersible ship transport market will have a sustained demand for goods in the future: first, global oil and gas exploration and development is expected to rebound after the COVID-19 epidemic, when the deployment and transportation demand of marine equipment, including drilling platforms, living platforms, and FPSO, will resume growth. Second, in recent years, the scale of LNG gas field is increasing, global procurement and modular production have become a common practice, and the size of modules tends to be large, and the unit weight of more than 10,000 tons has become the norm. Gas field module transportation has a broad demand for semi-submersible ships. Third, the new installed capacity of global offshore wind power is expected to reach 205.9GW from 2020 to 2030, and the share of offshore wind power in the global wind power market will expand from 10% to 20%. Large offshore wind power equipment such as jackets, single piles and offshore booster stations all need semi-submersible transport.
With the development of large-scale and intensive offshore platform, more and more high-end customers need large semi-submersible ships. In recent years, the company has won the bid and implemented the Russian YAMAL?LNG project and the Kazakh TCO project, in which the TCO project has carried out 61 voyages and carried 196 modules, which has greatly increased its market influence and become the leader of the global modular transport market. More and more customers began to consult the company about the transportation plan from the early stage of the project. Shell,Chevron CorpAnd other important customers have a great demand for 80000-ton semi-submersible ships.
It is estimated that the internal rate of return of the total investment of the project is about 8.10%, and the payback period of static investment is 10.57 years, which has better economic benefits.
To sum up, strive to seize the opportunity brought by the future development of offshore oil, LNG and offshore wind power to the semi-submersible ship market, and seize the favorable opportunity of the current relatively low shipbuilding market to invest in a new 80000-ton semi-submersible ship, which will bring a good return for the company after the ship is put into operation, and the project is also in line with the company's development strategy, which will help to further consolidate and enhance the company's strength and position in the field of international major parts transportation. The company's board of directors authorizes the company's senior management team to make investment decisions, identify investors and sign shipbuilding contracts within a range of 10 per cent of the total investment of $123.8 million.