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MISC in mid-sized LNG carrier foray

MISC has inked five-year time charters with LNG Shipping for two LNG carriers it has acquired from the Eni subsidiary.

MISC has acquired the vessels LNG Portovenere and LNG Lerici from LNG Shipping and they start five-year time charters with a combined value of $133m in December this year and January 2019 respectively.

The acquisition and time charters represent a move into the mid-sized LNG carrier segment by the Malaysian shipowner.

“In view of the evolving marketplace, there is certainly potential for us to diversify our solutions by including mid-scale and small-scale LNG transportation especially with the growing spot market demand for LNG trading and this will enable MISC to develop our capability in the trading of multiple-size vessels as well as our reach to other global locations,” said Yee Yang Chien, president and ceo of MISC.

“These mid-sized LNG carriers also present unique opportunities that supports MISC’s efforts to venture into non-conventional LNG shipping solutions, whereby upon expiry of the charter party, these vessels will have the potential to be converted into mid-sized Floating Storage Regasification Unit (FSRU), Floating Storage Unit (FSU) or other alternative LNG floating solution projects,” he added.

MISC has a fleet of 28 LNG carriers and two FSUs.