UK-based small-scale player Avenir LNG has chartered one large LNG bunkering vessel to Geneva-based trader Vitol.
This is the first of two 20,000-cbm LNG bunkering and supply vessels Avenir ordered at China’s CIMC SOE in April this year.
According to a statement by the joint venture of Stolt-Nielsen, Hoegh LNG, and Golar LNG, the time charter to Vitol International Shipping will start at delivery from the shipyard in China in the fourth quarter of 2026.
The vessel will serve Vitol for 7 years with options to extend up to 10 years in total, it said.
Avenir said this transaction increases the company’s third-party charter revenue backlog including options to over $205 million including options.
This new investment program for the two vessels marks the second phase of growth for Avenir, increasing the fleet by 40 percent and 80 percent in terms of total capacity.
In May 2022, Avenir took delivery of the 20,000-cbm Avenir Achievement, chartered by Shell, from CIMC SOE, concluding its initial asset development program.
Avenir Achievement also has a sister vessel but Avenir sold it to a joint venture consisting of China’s terminal operator Shanghai International Port (SIPG) and Shenergy.
The small-scale player also has four 7,500-cbm LNG bunkering vessels in its fleet, and it owns the Higas terminal located on the Italian island of Sardinia.