Photo: Courtesy of Awilco LNG

Awilco LNG enters into three-year charter deal

Norwegian LNG transportation company Awilco LNG has entered a new time charter contract for a firm duration of three years with a European LNG importer.

Awilco LNG enters into new three-year charter deal
Courtesy of Awilco LNG

On 10 June, Awilco LNG said in a statement it signed a new time charter deal for three years.

The charterer, described by the company as a leading European LNG importer, has the option to extend for a period of up to two years. Therefore, the total period is five years.

In addition, the importer has the option to nominate either of Awilco LNG’s vessels.

The contract is to start in December 2022, subject to customary inspection and vetting acceptance of the nominated vessel.

The company estimates this contract to contribute an annualised EBITDA of about $26 million during the charter period.

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Awilco LNG owns two 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride. Korean shipyard Daewoo Shipbuilding & Marine Engineering constructed both of the ships back in 2013. Day-to-day technical management of the fleet is handled by Awilco LNG Technical Management (ALNG TM), Awilco LNG’s in-house technical management company.