Petronas Shifts Newbuild Orders, Extends Charters

Malaysia’s Petronas has sold five LNG carriers being built by Hyundai Heavy Industries to its shipping subsidiary MISC for USD 1.1 billion.

According to the novation contract, Petronas LNG has agreed to charter the five 150,200 cbm newbuilds, expected to be delivered from September 2016 to December 2017, for a period of 15 years, with a five-year extension option.

On a separate transaction, MISC announced that Petronas LNG has extended the charter of five refurbished Puteri Class LNG carriers on a time charter basis for another ten years for each carrier.

The charters will start immediately after the delivery of the refurbished vessels, expected from September 2015 to September 2017.