Regional LNG: Malaysia's MISC gets new time charter deal for LNG carrier

MALAYSIA International Shipping Corp Bhd (MISC) has secured a new time charter deal for one of its 20-year-old liquefied natural gas (LNG) carriers, the Tenaga Empat, Bernama reported Saturday.

Under a time charter party agreement that MISC signed with LNG trading firm J & S Cheniere SA yesterday, the Tenaga Empat will be used to transport LNG cargoes to meet the latter's trading needs in the Atlantic and Mediterranean basin.

This is MISC's second LNG time charter outside the Petronas Group, following the one it secured from gas utility giant Gaz de France earlier this year.

The time charter for a period of up to three years will commence in January next year.

The Tenaga Empat would transport LNG cargoes from export terminals in the Middle East and North African countries to import terminals in Europe and on the east coast of the United States, MISC said in a statement.

The Tenaga Empat is currently on charter to MLNG Sdn Bhd for the carriage of LNG cargoes from Bintulu to buyers in Japan under a 20-year agreement that is due to expire in October.

The vessel will undergo refurbishment before starting on the new time charter.

Datuk Mohd Ali Hj Yasin, managing director and chief executive officer of MISC, signed the new agreement for the company while J & S Cheniere was represented by its director Karim Souki.

MISC is currently the largest single owner-operator of LNG tankers in the world with a fleet of 15 vessels with a gross capacity of 1.63 million cubic metres.

Two more Puteri Satu class vessels will be put into service upon delivery later this year, increasing MISC?s LNG tanker fleet to 17.(*)