PETALING JAYA: MISC Bhd has signed an agreement with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha to co-own two new liquefied natural gas (LNG) vessels, with a capacity of 174,000 cubic metres each.
MISC told Bursa Malaysia that each LNG vessel will serve Diamond Gas International Pte Ltd’s (DGI) LNG carrier requirements worldwide, particularly LNG volumes from the US and Canada, on a time charter contract for a firm period of 18 years.
MISC’s interest in the total contract value is estimated at US$201.6 million (RM841.6 million).
The LNG vessels, currently being built by Hyundai Samho Heavy Industries, are expected to be delivered in 2021 and the time charter contract will commence upon delivery.
Mitsubishi Corp, headquartered in Tokyo, Japan, is a global integrated business enterprise comprising 10 business groups.
Meanwhile, NYK, which is also based in Tokyo, operates a sizeable fleet of ocean vessels, planes and trucks.
DGI is a wholly owned subsidiary of Mitsubishi that manages the sales and marketing of Mitsubishi’s equity offtake of LNG volumes from the US and Canada as well as from other countries around the world.
