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MISC consortium awarded long-term time charter parties by QatarEnergy

10/08/2022 01:55 PM

KUALA LUMPUR, Aug 10 (Bernama) -- MISC Bhd, through a consortium with Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha Ltd (K-Line) and China LNG Shipping (Holdings) Ltd (CLNG), has been awarded long-term time charter parties (TCPs) by Qatar state-owned petroleum company QatarEnergy for seven 174,000 cubic metres newbuild liquefied natural gas carriers (LNGCs) to be built by Hyundai Heavy Industries Co Ltd.

The international energy-related maritime solutions and services provider said it had agreed on the principal terms for the consortium, and each consortium member would have an equal equity interest of 25 per cent in each awarded LNGC. 

“MISC will enter into shareholders’ agreements with the consortium through its wholly owned subsidiary, Portovenere and Lerici (Labuan) Pte Ltd (PLL). 

"Joint-venture companies will be formed to manage the commercial operations of the LNGCs, 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," it said in a filing with Bursa Malaysia today.

MISC said pursuant to the TCPs, the LNGCs would be employed by QatarEnergy under long-term charters starting from 2025 onwards.

It said the TCPs do not have any effect on the issued and paid up share capital and substantial shareholding in MISC, and the TCPs are also not expected to have any material impact on the earnings per share, gearing and net assets per share of the group for the financial year ending Dec 31, 2022.

“From MISC’s perspective, the risk factors affecting the TCPs, including commercial, project execution, country and operational risks, are adequately mitigated by terms and conditions of the TCPs,” it said.


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