MISC Bhd via a consortium has been awarded long-term time charter parties by QatarEnergy for five 174,000 cu m newbuild liquefied natural gas (LNG) carriers to be built by Hudong-Zhonghua Shipbuilding (Group) Co Ltd, reports The Malaysian Reserve.
25% equal equity interest
In a filing with Bursa Malaysia, MISC said the consortium members, which also include Nippon Yusen Kabushiki Kaisha, Kawasaki Kisen Kaisha Ltd and China LNG Shipping (Holdings) Ltd, will each have a 25% equal equity interest in each awarded LNG carrier.
It said MISC has entered into shareholders’ agreements with the consortium through its wholly owned subsidiary known as Portovenere and Lerici (Labuan) Private Ltd.
Accordingly, joint venture companies will be formed to manage the commercial operations of the LNG carriers and Eaglestar Shipmanagement GAS (S) Pte Ltd, an indirect wholly owned subsidiary of the company will be providing ship management services for part of this project.
Long-term time-charter contracts
In a separate press release, MISC said that together with the seven long-term time-charter contracts that were secured earlier in August, this brings to a total of 12 newbuilding LNG carriers awarded by QatarEnergy to the consortium.
These LNG carriers will be equipped with eco-efficient technologies such as X-DF 2.1 engines with Intelligent Control by Exhaust Recycling System, which will reduce greenhouse gas emissions.
These 174,000 cu m LNG carriers are expected to be delivered commencing 2025 and will serve the needs of QatarEnergy in the transportation of LNG to various countries around the world.
“We would like to thank QatarEnergy for its continuing trust and confidence in our joint capabilities and expertise in delivering safe, efficient and reliable LNG shipping solutions. We would also like to thank our consortium partners for the support and collaboration in making this award possible. We look forward to add value to the partnership as we continue to play a progressive role in the global LNG shipping industry,” MISC president and group CEO Rajalingam Subramaniam said.
“In this evolving energy industry, collaborative partnerships are vital to ensuring success in fulfilling the growing demand for energy and achieving sustainable value creation for all our stakeholders. As we navigate the evolving energy industry ahead, we will continue strengthening partnerships to continue to build a progressive, sustainable and successful future,” he added.
MISC is one of the world’s largest single owner-operators of LNG tankers with a distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. Its Gas Assets & Solutions fleet currently comprises 30 LNG carriers, six very large ethane carriers and two LNG floating storage units with a combined deadweight tonnage capacity of over two million tonnes.
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Source: The Malaysian Reserve