MISC sells LNG carrier duo to Nissen Kaiun

Malaysia’s LNG shipper MISC, a unit of Petronas, has sold two of its liquefied natural gas carriers to Japan’s Nissen Kaiun.

MISC said in a statement on Tuesday it has entered into a partnership deal with Nissen Kaiun under which it will transfer ownership of the two existing LNG carriers to the latter, and simultaneously enter into a charter agreement.

Eaglestar and Synergy Marine will be the shipmanagers.

MISC did not provide the name of the vessels or the duration of the charter.

The firm said it expects to deliver the first of the two vessels to Nissen Kaiun in the fourth quarter of 2023.

MISC’s president and CEO Rajalingam Subramaniam said in the statement that this “strategic transaction is a testament to MISC’s commitment to enhancing our financial flexibility and our ability to adapt to evolving industry dynamics.”

“This is part of our MISC 2030 business strategy to unlock value, maximizing returns from our gas portfolio, whilst growing commercial and operational scale for our shipping segment,” he said.

MISC is one of the largest operators of LNG carriers and most of them are on long-term charters.

It operates a fleet of 30 LNG carriers and two floating storage units.

MISC’s LNG business logged a rise in both revenue and operating profit in the April-June period.

Most Popular

Yang Ming books LNG-powered containerships in South Korea

Taiwan’s Yang Ming Marine Transport has decided to order LNG dual-fuel container vessels from South Korea's Hanwha Ocean as part of its ongoing fleet optimization plan.

Sabah to take stake in Petronas’ third FLNG

SMJ Energy, owned by the Sabah government, has signed a heads of agreement with Malaysian energy giant Petronas to take a 25 percent stake in the latter's third floating LNG production unit.

Japan’s LNG imports drop in June

Japan’s liquefied natural gas (LNG) imports dropped by 2.8 percent in June compared to the same month last year, according to provisional data released by the country’s Ministry of Finance.

More News Like This

QatarEnergy LNG carrier wraps up trials in China

A 174,000-cubic-meter liquefied natural gas (LNG) carrier, built as part of QatarEnergy's massive shipbuilding program, has completed its trials in China, according to Hudong-Zhonghua.

Malaysia’s MISC reports lower LNG earnings

Malaysia’s LNG shipping player MISC, a unit of Petronas, said its LNG business logged a drop in operating profit and revenue in the first quarter of this year. MISC also said LNG carrier spot rates are expected to remain subdued due to the continuous oversupply of vessels.

China’s Hudong-Zhonghua delivers its 50th LNG carrier

Chinese shipbuilder Hudong-Zhonghua has delivered its 50th liquefied natural gas (LNG) carrier.

QatarEnergy LNG carrier named in China

China’s Hudong-Zhonghua hosted a naming ceremony for one 174,000-cbm liquefied natural gas (LNG) carrier built as part of the massive QatarEnergy shipbuilding program.