THE Malaysia International Shipping Corporation (MISC), together with three others, has been awarded a long-term time contract by QatarEnergy for five 174,000-cubic metre newbuild liquefied natural gas (LNG) carriers to be built by Shanghai's Hudong-Zhonghua Shipbuilding, a unit of China State Shipbuilding Corporation.
In a filing with Bursa Malaysia, MISC said the consortium members, which also include NYK, "K" Line and China LNG Shipping, will each have a 25 per cent equal share in each LNG carrier, reported Kuala Lumpur's Malaysian Reserve.
The report said MISC has entered into shareholders' agreements with the consortium through its wholly owned subsidiary known as Portovenere and Lerici (Labuan) Private Ltd.
Accordingly, joint venture companies will be formed to manage the commercial operations of the LNG carriers and Eaglestar Shipmanagement GAS (S) Pte Ltd, an indirect wholly owned subsidiary of the company will be providing ship management services for part of this project.
In a separate press release, MISC said that together with the seven long-term time-charter contracts that were secured earlier in August, this brings to a total of 12 newbuilding LNG carriers awarded by QatarEnergy to the consortium.
Said MISC president and CEO Rajalingam Subramaniam: "Collaborative partnerships are vital to ensuring success in fulfilling the growing demand for energy and achieving sustainable value creation for all our stakeholders."
MISC is one of the world's largest single owner-operators of LNG tankers. Its Gas Assets & Solutions fleet currently comprises 30 LNG carriers, six very large methane carriers and two LNG floating storage units with a combined deadweight tonnage capacity of over two million tonnes.