MISC orders LNG carrier duo, secures long-term charter deals with ExxonMobil unit

MISC Berhad (MISC), an owner and operator of liquefied natural gas (LNG) carriers, has strengthened its partnership with ExxonMobil’s unit SeaRiver Maritime with new long-term time charter contracts.

Illustration. Courtesy of MISC Berhad

MISC’s subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time charter contracts with SeaRiver Maritime for two more LNG carriers, bringing the total number of contracts to four vessels.

MISC said it has also signed an agreement with ‘a reputable shipbuilder’ through its subsidiaries for the construction of the LNG carriers in South Korea. The 174,000 cbm carriers will be chartered by SeaRiver Maritime for a firm period of ten years.

The vessels will be equipped with eco-efficient technologies such as X-DF 2.1 engines with Intelligent Control by Exhaust Recycling (iCER) System and Air Lubrication System which will contribute to the reduction of greenhouse gas (GHG) emissions.

Eaglestar Shipmanagement Gas Pte. Ltd., a global integrated marine services provider, will be appointed to provide project management services during the shipbuilding phase and to take charge of the operationalisation and ship management of the vessels.

The two LNG carriers will be delivered in 2026.

In 2019, MISC secured 15-year time charter contracts for two LNG carriers from SRM. These vessels are currently under construction in South Korea and are slated for delivery in the first quarter of 2023.

Related Article

MISC’s president and group CEO Datuk Yee Yang Chien said: “We are truly honoured with SRM’s continuous trust and recognition of MISC’s capabilities and expertise. MISC has been consistently stepping up our efforts by adopting innovative and responsible practices in our operations to support the maritime industry’s decarbonisation goals.

“The range of eco-efficient technologies that will be implemented on these new LNG carriers reflects our continuous commitment towards promoting a greener and more sustainable shipping industry.”