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MISC secures 15-year charter deals for two new LNG carriers

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LNG Industry,

MISC Berhad has announced that, through its wholly owned subsidiaries, it has secured agreements with Exxon Mobil Corp.’s wholly owned subsidiary, SeaRiver Maritime LLC, for the time charter contracts of two LNG carriers.

According to the statement, each of the vessels will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolio on a 15-year charter contract.

Prior to this, MISC claims that, through the same subsidiaries, it has also signed an agreement with Samsung Heavy Industries Co. Ltd (SHI) for the construction of the LNG carriers in South Korea. Each of these vessels will have a capacity of 174 000 m3, and will feature state-of-the-art technologies, including modern XDF propulsion, a Mark III Flex Plus containment system and a full reliquefaction facility for higher efficiencies and to meet the demand for worldwide trading and long-haul voyages. According to the statement, it is expected that the LNG carriers will be delivered in the 1Q23.

MISC’s President/Group Chief Executive Officer, Yee Yang Chien, said: “This is certainly a landmark moment for MISC, and we are proud to expand this strategic partnership with ExxonMobil through SeaRiver in providing best-in-class shipping solutions, beginning with Petroleum and now LNG. With our broad spectrum of energy related maritime solutions and services, MISC is confident of our ability to serve the various needs of the global oil and gas industry. We honour the trust and value the opportunity given for us to support ExxonMobil in ensuring safe, efficient and reliable transportation of LNG. Ultimately this partnership is a testament to our capabilities of fulfilling the world’s growing demands for this energy source.”

Alex Volkov, Vice President of Global LNG Marketing at ExxonMobil, added: “Our cooperation with MISC is an integral part of ExxonMobil’s commitment to provide flexible solutions in the open and dynamic LNG marketplace.

“The addition of these two vessels will help us build a competitive LNG value chain as ExxonMobil continues to grow its global gas portfolio and expand supply positions to meet evolving needs of our customers.”

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