MISC Berhad (MISC) has announced that MISC and Samsung Heavy Industries Co. Ltd. (SHI) have signed shipbuilding contracts for the construction of two newbuild LNG carriers.
As informed, the new LNGCs will be delivered in 2027.
In parallel, MISC in a stock exchange announcement said that it has signed a letter of intent with PETRONAS LNG Sdn. Bhd. (PLSB) for the provision of long-term LNG shipping services to PLSB and/or its subsidiaries, which involves the time charter of the new LNGCs.
Furthermore, both MISC and PLSB have agreed to the early termination of the time charters of three existing steam LNG carriers, Seri Ayu, Seri Angkasa and Seri Begawan as well as entering into time charters for two LNG carriers, Seri Alam and Seri Amanah upon expiry of their existing time charters.
As it is said in the stock exchange announcement, MISC will incorporate new wholly owned subsidiaries to own the new LNGCs (“SPVs”).
The SPVs will enter into time charters with Petronas LNG Ltd (“PLL”) for the charter of the new LNGCs for a firm period of 15 years from 2027.
The company said the time charters for Seri Ayu, Seri Angkasa and Seri Begawan will be terminated – with redelivery on the 20th year anniversary of their respective time charters in 2027/2028 – and in return, MISC will receive monetary compensation from PLSB.
Meanwhile, MISC and PLSB have agreed to enter into time charters of Seri Alam and Seri Amanah upon expiry of their existing time charters in 2025 and 2026 until end-March 2028.
“The new LNGCs support the strategic intent of rejuvenating MISC’s LNG fleet with modern and efficient vessels towards achieving reduction of greenhouse gas emissions and intensity by 2030,” the company says.
Source: MISC.
