MISC signs LNG transfer agreement with Nissen Kaiun

“This is part of our MISC 2030 business strategy to unlock value," said Captain Rajalingam.

PETALING JAYA: Maritime services provider group MISC Bhd has inked a partnership agreement with Japanese shipowner Nissen Kaiun Co, Ltd for the sale and charter of two of the former’s existing liquefied natural gas (LNG) carriers.

The contract will see part-subsidiary of Petroliam Nasional Bhd transferring ownership of the LNG carriers to Nissen Kaiun, while entering into a charter agreement with Eaglestar Marine Holdings and Synergy Marine Sdn Bhd as the ship managers.

MISC president and group chief executive Captain Rajalingam Subramaniam said the transaction is a strategic move that is a testament to MISC’s commitment to enhancing its financial flexibility and its ability to adapt to evolving industry dynamics.

“This is part of our MISC 2030 business strategy to unlock value, maximising returns from our gas assets and solutions portfolio, while growing commercial and operational scale for our shipping segment,” he said in a statement.

He added that he looked forward to growing the collaboration for current and future business potentials.

Nissen Kaiun president Captain Katsuya Abe said with the support from Synergy Group and Eaglestar, his group will strive for the safe operation of the LNG carriers.

Abe expected to expand the relationship with MISC in LNG carriers and other segments.

Nissen Kaiun is a family-owned shipping company based in Hakatajima, Imabari City, located between the primary islands of Honshu and Shikoku.

The company owns and operates a wide variety of vessels, including gas carriers, oil and chemical tankers, bulk carriers and container ships.

The first of the two vessels is expected to be delivered to Nissen Kaiun in the fourth quarter of 2023.

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