MISC Bags Two More Contracts with SeaRiver Maritime

MISC’s subsidiaries Polaris LNG Three and Polaris LNG Four have secured long-term time charter contracts with SeaRiver Maritime LLC (SRM), a wholly-owned subsidiary of ExxonMobil, for two more Liquefied Natural Gas (LNG) carriers. The agreement brings the total number of contracts with SRM to four LNG carriers.

MISC, through these two subsidiaries, have also signed an agreement with a reputable shipbuilder for the construction of the LNG carriers in South Korea.

These 174,000 cubic metres (cbm) LNG carriers will be chartered by SRM for a firm period of 10 years. They will beequipped with eco-efficient technologies such as X-DF 2.1 engines with Intelligent Control by Exhaust Recycling (iCER) System and Air Lubrication System which will contribute to the reduction of greenhouse gas (GHG) emissions.

Eaglestar Shipmanagement Gas, a global integrated marine services provider, will be appointed to provide project management services during the shipbuilding phase, and to take charge of the operationalisation and ship management of the vessels when they are delivered in 2026.

“We are truly honoured with SRM’s continuous trust and recognition of MISC’s capabilities and expertise. MISC has been consistently stepping up our efforts by adopting innovative and responsible practices in our operations to support the maritime industry’s decarbonisation goals. The range of eco-efficient technologies that will be implemented on these new LNG carriers reflect our continuous commitment towards promoting a greener and more sustainable shipping industry,” MISC’s President/Group Chief Executive Officer, Datuk Yee Yang Chien said.

“The LNG shipping industry has evolved in line with the priorities of the global energy transition. MISC is proud to play a vital role to support the growing demand for cleaner energy, by ensuring safe, reliable and efficient marine transportation of LNG to our customers all over the world,” Datuk Yee added.

MISC secured 15-year time charter contracts for two LNG carriers from SRM in 2019. These vessels are currently under construction in South Korea and slated for delivery in the first quarter of 2023. The new long-term time charter contracts will further reinforce MISC’s leading position as one of the global players in the LNG shipping sector.

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