A subsidiary of MISC Bhd (MISC), the shipping arm of Malaysia’s Petronas, has inked a deal with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to jointly own two newbuild LNG carriers for the LNG Canada project in Kitimat, British Columbia, Canada
Under construction at South Korea’s Hyundai Samho Heavy Industries, the LNG carriers will each have a capacity of 174,000 m3, with WinGD X-DF propulsion and a partial reliquefaction facility for higher efficiencies and to meet the demand for worldwide trading and long-haul, tonne-mile-intensive voyages.
Diamond Gas International Pte (DGI), a subsidiary of Mitsubishi Corporation, will charter the Aman-class vessels for 18 years following their delivery in 2021. DGI manages the sales and marketing of Mitsubishi Corporation’s equity offtake of LNG volumes from North America and other countries around the world.
MISC president and group chief executive Yee Yang Chien said the partnership with Mitsubishi Corporation and NYK “is in line with MISC’s strategy of diversifying our business ventures to support the expansion of our third-party business portfolios and further broaden our revenue sources.”
MISC is currently one of the largest single owner-operators of LNG carriers, controlling a fleet of 29 vessels and two floating storage units with a combined deadweight of over 2M tonnes.
Some 48 LNG carriers are directly or indirectly under NYK Shipmanagement’s operation.
Petronas has a 25% stake in the US$30Bn LNG Canada, with partners Shell (40%), PetroChina (15%), Mitsubishi (15%) and Kogas (5%) controlling the remaining interest. Initially, LNG Canada will have two trains with a capacity of 14 mta, with possible exports of LNG to Asia starting in 2024.