Singapore’s BW Group has signed an agreement with compatriot company Pavilion Energy for the long-term charter of two LNG newbuilds.
The two 173,400 cu m vessels are scheduled for delivery between 2019 and 2020, and will be used to enable Pavilion Energy’s global portfolio and LNG trading expansion. The deal increases Pavilion Energy’s fleet to four vessels, adding to BW Pavilion Vanda and BW Pavilion Leeara.
“The long-term charters of these MEGI newbuilds from our long-standing shipping partner BW will strengthen Pavilion Energy’s global LNG trading activities, especially on long-haul voyages from Atlantic liquefaction plants to Singapore and Asian markets. This will reinforce our already strong Asian LNG supply and trading strategy to connect markets and supplies regionally and globally,” said Frédéric Barnaud, group CEO of Pavilion Energy.
“BW remains committed to our partnership with Pavilion Energy, and these charters are important milestones in the growth of our collaboration. The vessel design incorporates BW LNG’s many years of LNG experience and we look forward to further serving Pavilion Energy’s need for safe and efficient transport of LNG,” commented Yngvil Åsheim, managing director of BW LNG.
In 2014, Pavilion Energy and BW formed a joint venture, BW Pavilion LNG, to acquire, manage and charter maritime LNG assets, including LNG carriers.