Thursday, October 8, 2009

MISC vessels set charter milestone

MISC Bhd's latest liquefied natural gas (LNG) vessels, Seri Balqis and Seri Balhaf, have joined the fleet of world-class vessels delivering LNG for the Yemen LNG Project.

The protocol of delivery and acceptance of the two vessels by MISC and Yemen LNG Co Ltd was signed on Tuesday in Argentina.

The signing marks the delivery of both Seri Balhaf and Seri Balqis to the Yemen LNG project and, thus, the start of a long-term charter party between MISC and Yemen LNG.

The chartering of the two ships to Yemen LNG also marks MISC's first long-term third-party LNG shipping contract.
It is a significant milestone in the company's plan to grow its third-party LNG shipping business and increase its LNG operations beyond its traditional core Asia-Pacific routes.

The two vessels will deliver LNG to Total Gas & Power Ltd from Yemen to the US, Mexico and major LNG terminals worldwide.

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.

The two vessels are scheduled to make their maiden call to the Balhaf LNG terminal in Yemen at the year-end.

Both vessels, with a capacity of 157,000 cubic metres, were built and delivered by Japan's Mitsubishi Heavy Industries.

Source: Business Times

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