London-based small-scale LNG player Avenir LNG has secured time charter extensions for its vessels, Avenir Advantage and Avenir Accolade.
The company said in a statement that its affiliate Future Horizon, a joint venture between Avenir and MISC, has signed a new two-year time charter agreement for the 7,500-cbm Avenir Advantage with PETCO Trading Labuan (PTLCL), a trading arm of Malaysia’s Petronas.
Avenir said it would continue to collaborate with PTLCL by providing LNG as a marine fuel to their customers in Malaysia and Southeast Asia.
In addition, the joint venture of Stolt-Nielsen, Hoegh LNG, and Golar LNG has entered into an agreement to time charter the 7,500-cbm Avenir Accolade for a period of up to two years with NFE Transport Partners, a unit of US LNG player New Fortress Energy.
Avenir Accolade has been serving NFE under a bareboat contract.
This new agreement “demonstrates Avenir’s commitment to operational excellence while also extending the term of the original agreement up until Q4 2025,” it said.
Avenir said these new charter agreements strengthen the company’s total charter revenue backlog, including options, to $115 million.
The company’s new managing director, Jonathan Quinn, welcomed the new commercial agreements on Avenir’s first two vessels.
“Doing so with our foundation customers clearly demonstrates their ongoing support in Avenir as the go-to provider in the small-scale market,” he said.
The Oslo-stock listed company currently has a total fleet of five small-scale LNG tankers.
The latest vessel to join the fleet was the 20,000-cbm Avenir Achievement in May last year.
It also owns the Higas small-scale LNG terminal located on the Italian island of Sardinia, with assets/partnership now operating in China, Malaysia, the Mediterranean, Baltic Sea, and the Caribbean.