MISC Steps Forward In Supporting Net Zero For LNG Industry

MISC recently delivered two LNG carriers – Seri Damai and Seri Daya – to Exxonmobil’s subsidiary, SeaRiver Maritime. These green and energy-efficient vessels were built by Samsung Heavy Industries and will be handled by Eaglestar Shipmanagement.

These 174,000 CBM LNGCs built by Samsung Heavy Industries feature cutting-edge and environmentally friendly technologies. The shipping giant said the LNG carriers will be managed by Eaglestar Shipmanagenent (S) Pte.Ltd. (Eaglestar), and will be on long-term charters to ExxonMobil’s wholly-owned subsidiary, SeaRiver Maritime LLC (SRM)

MIDF said the delivery signals a strong start to the year for the group and is a key milestone in its collaboration with SRM, as well as its continuous partnerships with SHI, Eaglestar, and its own Gas Assets and Solutions (GAS) team. It also represents a step forward in supporting a net-zero future for the LNG industry. Seri Damai and Seri Daya will now add to MISC’s fleet strength, which currently consists of 31 LNG carriers for its Gas Business, in addition to six Very Large Ethane Carriers (VLECs) and two LNG Floating Storage Units (FSUs), which has a combined deadweight tonnage (dwt) capacity of over 2 mT.

The development is seen as a positive move given MISC’s track record with LNGCs long-term charters as well as the strong
demand in LNG globally, MISC is set to continue its robust performance and positive future prospects in the Oil and
Gas shipping subindustry. The additional vessels have been factored in and considering their long-term operations, MIDF said it makes no changes to earnings estimates ts this juncture. Overall, analysts continue to like MISC as its medium to long-term growth plans stay intact, in line with the demand growth for LNG post-pandemic and the heightened tension in the Russia-Ukraine
front.

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