Chevron-Mitsui JV to provide LPG carriers to Dynegy

A joint venture of Chevron Corp. and Mitsui & Co. Ltd. has signed a shipbuilding contract with Kawasaki Heavy Industries Ltd. of Japan. The contract calls for construction of two 82,200 cu m LPG carriers, with delivery expected during the last quarters of 2001 and 2002, respectively.

Jun 1st, 2000


A joint venture of Chevron Corp. and Mitsui & Co. Ltd. has signed a shipbuilding contract with Kawasaki Heavy Industries Ltd. of Japan. The contract calls for construction of two 82,200 cu m LPG carriers, with delivery expected during the last quarters of 2001 and 2002, respectively. Financial details of the contract were not disclosed.

The vessels will be placed under long-term time charter to Dynegy Global Liquids Inc., a subsidiary of Dynegy Inc. Operated by Chevron, the carriers will enhance Dynegy's ability to move large volumes of LPG at competitive rates.

The vessels will be classified as very large gas carriers (VLGCs) and will have a laden speed exceeding 17 knots. The vessels will be configured to trade to either Eastern or Western Hemisphere terminals.

Tom Moore, president of Chevron Shipping Co., said, "These new vessels represent the continuing alignment of Chevron's business strategies with Dynegy. We expect this project will position Dynegy to continue its recent growth in the LPG transportation market....''

Credit Agricole/Indosuez and ING Bank are providing financing for the work.

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