MISC Buys Petronas’ LNG Carrier Newbuilds, Signs Long Term Charters

Image: MISC Berhad

Malaysian shipping company MISC Berhad announced today they have acquired the newbuilding contracts of five LNG carriers under construction at Hyundai Heavy Industries in a $1.1 billion deal. The orders were originally placed by Petronas, a 63% shareholder in MISC, and will be delivered between 2016 and 2017.

In conjunction with this deal, MISC Bhd says they have signed 15+5 year charter contracts for these ships to Petronas LNG Sdn Bhd, a Petronas subsidiary.

Separately, MISC says that Petronas has agreed to extend the charter of five of their refurbished Puteri-class LNG Carriers on a time charter basis for another ten years. The respective charters shall commence from the date of delivery of each refurbished vessel to Petronas beginning in September 2015 to September 2017.