Wuxi, Jiangsu – Yoke Technology has signed four contracts to provide glass-fibre reinforced polyurethane insulation panels to China’s Hudong-Zhonghua Shipbuilding (Group) for LNG carriers.
Deliveries of the CNY138m ($19m) contract will start in 2020, said a Yoke announcement on September 10.
Hudong-Zhonghua Shipbuilding is part of the China State Shipbuilding Corporation (CSSC). It built China’s first LNG carrier. It is also a carrier builder for Russia’s Yamal project, the world’s largest Arctic producer of LNG.
China’s first maker of reinforced PU insulation panels used in ships, Yoke started supplying to Hudong-Zhonghua in 2018.
In September it also signed a framework agreement on a strategic partnership with Dalian Shipbuilding. Dalian is another CSSC affiliate. This agreement is to develop Mark III of the LNG carriers’ cargo containment system.
Over the first half of 2019 Yoke recorded CNY 861m sales, up a third from H1 2018. Net profit jumped 137% to CNY 100m.
‘Yoke will keep expanding its market share in panel for LNG carriers and LNG-fuelled vessels. We will explore new businesses in ultra-large LNG storage tanks onshore,’ said the company in an announcement.