Malaysia’s MISC has secured two time charter contracts from LNG Shipping, a wholly-owned subsidiary of Eni, for two of its LNG carriers.
The five-year charter contracts, worth $133m in total, are part of a sales agreement under which MISC will acquire ownership of the two 65,000 cu m LNG carriers, LNG Portovenere and LNG Lerici, from LNG Shipping.
The charter for LNG Portovenere is expected to commence in December while the contract for LNG Lerici is expected to commence by January next year.
“In view of the evolving marketplace, there is certainly potential for us to diversify our solutions by including mid-scale and small-scale LNG transportation, especially with the growing spot market demand for LNG trading. This will enable MISC to develop our capability in the trading of multiple-size vessels, as well as our reach to other global locations,” said MISC president and group chief executive officer Yee Yang Chien.
“These mid-sized LNG carriers also present unique opportunities that supports MISC’s efforts to venture into non-conventional LNG shipping solutions, whereby upon expiry of the charter party, these vessels will have the potential to be converted into mid-sized floating storage regasification unit, floating storage units (FSUs) or other alternative LNG floating solution projects,” Chien added.
MISC currently operates a fleet of 51 vessels, comprising of 29 LNG carriers, six tankers, two LPG carriers and 14 floaters.
