Malaysian shipowner MISC is further expanding its LNG carrier business, with additional newbuildings planned under long-term charter agreements
The Petronas group company said in a stock exchange filing on 8 October that it had accepted a letter of award from Petronas LNG for the long-term charter of five newbuild LNG carriers.
MISC will enter into shipbuilding contracts with CSSC subsidiary Hudong-Zhonghua Shipbuilding for the construction of the vessels.
The latest project further strengthens the Malaysian owner’s cooperation with Hudong-Zhonghua, following a series of LNG carrier newbuilding contracts awarded to the Chinese shipbuilder this year.
Each vessel will be chartered for a firm period of 20 years, with charter commencement expected in 2030.
MISC described the project as a “strategic initiative to capitalise on Petronas’ anticipated LNG production growth”, while supporting its LNG carrier “rejuvenation programme through the introduction of modern, efficient vessels”.
In a separate filing issued on 9 October, MISC announced that its subsidiary Asia LNG Transport (ALT), a joint venture with Japanese shipping major NYK, had entered into an agreement with Malaysia LNG (MLNG) for the charter of a newbuild LNG carrier with a capacity of 18,700 m³.
The charter will run for a firm period of 10 years, with commencement expected in 2028.
The announcement follows a filing in late July indicating that MISC would also contract Hudong-Zhonghua Shipbuilding to construct the vessel.
ALT, in which MISC holds a 51% indirect equity interest, was established in Malaysia in 1987. The company owns LNG carrier Aman Sendai, which has served the Bintulu-Sendai trade route since 1998.
MISC lists 31 LNG carriers in its fleet portfolio on its website, including vessels held through joint venture structures. According to Clarksons, the company has an orderbook of 15 vessels, 11 of which are LNG carriers. Of these, six are under construction at Hudong-Zhonghua Shipbuilding and five at Samsung Heavy Industries (SHI).
Earlier this month, MISC marked the naming of Th’ailib at SHI, the first of three newbuild LNG carriers secured under long-term charter contracts with QatarEnergy.
MISC had previously participated in the first phase of QatarEnergy’s LNG fleet expansion programme through a consortium arrangement involving 12 LNG carriers. The company subsequently secured the three additional vessels under the programme’s second phase.
Source: Riviera