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MISC's first long term third party charter hire commences

MISC's first long term third party  charter hire commences

Kuala Lumpur: MISC's latest LNG vessels, Seri Balqis and Seri Balhaf have officially joined the fleet of LNG vessels delivering the gas for the Yemen LNG Project, following the signing of the Protocol of Delivery & Acceptance of the two vessels by MISC Berhad and Yemen LNG Co. Ltd. The signing also marked the commencement of long term charterparty between the two companies, significant since it is MISC's first long term third party LNG shipping contract.

The signing has been termed "a significant milestone in the company's plan to grow its third party LNG shipping business and to increase its LNG operations beyond its traditional core Asia Pacific routes".

Upon commencing operations, the two vessels will deliver LNG to TOTAL Gas & Power Ltd, from Yemen to USA, Mexico and major LNG terminals worldwide. Both vessels, with a capacity of 157,000 cbm, were built and delivered in 2009 by Japan's Mitsubishi Heavy Industries.

The contract, signed in December 2005, will see the two vessels being chartered to service Yemen LNG for a period of 20 years, with options for a further 11 years. With the signing of the Protocol of Delivery & Acceptance, the two vessels are scheduled to make their maiden call to the Balhaf LNG terminal in Yemen end of Q4 2009.  [12/10/09]