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MHI inks orders for Mitsui & Co chartered LNG carriers for US shale gas exports

MHI inks orders for Mitsui & Co chartered LNG carriers for US shale gas exports
Orders have been placed at Mitsubishi Heavy Industries (MHI) for two LNG carriers its first for vessels to used for the transport shale gas exports from the US.

The two 177,000 cu m LNG newbuildings will be on 25-year long charters to Mitsui & Co, which is participating in the Cameron LNG project in the US.

The vessels will be owned by Nippon Yusen Kaisha (NYK) through Rosewood Shipping Pte Ltd, and by Mitsui OSK Lines (MOL), which have signed charter deals with Mitsui & Co.

The orders received MI LNG, a joint venture between MHI and Imabari Shipbuilding and will be built and MHI’s Nagasaki yard. The newbuildings will be delivered to NYK and MOL in 2018 and 2019 respectively.

“LNG carrying efficiency has been increased as the vessel width has been kept to a size enabling its passage through the newly expanding Panama Canal expected to go into service early in 2016,” MHI said.

The shipbuilder noted the demand for LNG was increasing worldwide and that with the US’ “shale gas revolution forecast to take a larger share of the market LNG transportation distances would increase.

“Against this backdrop, MHI looks to attract expanding demand for its next-generation LNG carriers offering superlative transport capacity, fuel efficiency and environmental performance.”