MISC Secures 15-Year Charter Deal with EXXONMOBIL

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Seated from left to right for the signing of the agreements are Mr. Doug Grote, Vice President Global Marine Commercial & Planning, SeaRiver, Mr. Zahid Osman, Vice President of LNG Business, MISC and Ms. Helen Park, Vice President Sales & Marketing, SHI. Also present were the teams from the respective companies

MISC Berhad (MISC) through its wholly-owned subsidiaries have secured agreements with Exxon Mobil Corporation’s wholly-owned subsidiary, SeaRiver Maritime LLC (SeaRiver) for the time charter contracts of two Liquefied Natural Gas (LNG) carriers. Each of the LNG carriers will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolio on a 15-year charter contract.

Prior to this, MISC, through the same subsidiaries have also signed an agreement with Samsung Heavy Industries Co., Ltd. (SHI) for the construction of the LNG carriers in Korea. The vessels will have a capacity of 174,000 cubic metres (cbm) and will feature state-of-the-art technologies including modern XDF propulsion, Mark III Flex Plus containment system and full re-liquefaction facility for higher efficiencies and to meet the demand for worldwide trading and long-haul
voyages. The LNG carriers are expected to be delivered in the first quarter of 2023.

MISC’s President / Group Chief Executive Officer, Yee Yang Chien said, “This is certainly a landmark moment for MISC, and we are proud to expand this strategic partnership with ExxonMobil through SeaRiver in providing best-in-class shipping solutions, beginning with Petroleum and now LNG. With our broad spectrum of energy related maritime solutions and services, MISC is confident of our ability to serve the various needs of the global oil and gas industry. We honour the trust and value the opportunity given for us to support ExxonMobil in ensuring safe, efficient and reliable transportation of LNG. Ultimately this partnership is a testament to our capabilities of fulfilling the world’s growing demands for this energy source.”

“Our cooperation with MISC is an integral part of ExxonMobil’s commitment to provide flexible solutions in the open and dynamic LNG marketplace,” said Alex Volkov, Vice President of Global LNG Marketing at ExxonMobil. “The addition of these two vessels will help us build a competitive LNG value chain as ExxonMobil continues to grow its global gas portfolio and expand supply positions to meet evolving needs of our customers.”

During the signing of the agreements in Houston, MISC was represented by its Vice President of LNG Business, Zahid Osman while SeaRiver was represented by its Vice President Global Marine Commercial & Planning, Doug Grote.

MISC is currently one of the largest single owner-operators of LNG tankers in the world with more than three decades of distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. At present, its LNG fleet consists of 29 LNG carriers and two FSUs with a combined deadweight tonnage (dwt) capacity of over 2 million dwt.

Sea News, October 11