MISC Bhd has accepted a letter of award from PETRONAS LNG Ltd for the long-term charter of five new liquefied natural gas (LNG) carriers. The agreement, formalized on October 7, outlines the terms for definitive time charter agreements spanning 20 years each, with operations set to begin in 2030. The company will provide the LNG shipping services through its wholly-owned subsidiaries.
As part of the project, MISC will enter into shipbuilding contracts with Hudong-Zhonghua Shipbuilding (Group) Co Ltd to construct the five newbuild LNG carriers. The initiative aims to support PETRONAS' anticipated LNG production growth while aligning with MISC's fleet renewal program, focusing on vessels designed to reduce greenhouse gas emissions.
PETRONAS LNG, an indirect subsidiary of Petroliam Nasional Bhd (Petronas), is also the holding company of MISC. The project is not expected to materially impact MISC's earnings per share, gearing, or net assets per share for the financial year ending December 31, 2026.