MISC, NYK and Mitsubishi Partner for the LNG Canada Project

MISC Berhad (MISC) through its subsidiary have signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYUKF) (NYK) to co-own two newbuild LNG vessels mainly for the LNG Canada project.

Both LNG carriers have a capacity of 174,000 cubic meters (cbm) and are currently being built by Hyundai Samho Heavy Industries (HSHI). These vessels will feature state-of-the-art technologies including modern XDF propulsion and partial re-liquefaction facility for higher efficiencies and to meet the demand for worldwide trading and long-haul voyages.

Each of the LNG carriers will respectively serve Diamond Gas International Pte. Ltd.’s (DGI) requirement on an 18-year charter contract. DGI is a wholly owned subsidiary of Mitsubishi Corporation that manages the sales and marketing of Mitsubishi Corporation’s equity offtake of LNG volumes from US and Canada as well as from other countries around the world. These two LNG carriers will be delivered in 2021.

The signing of the agreement took place in Tokyo where MISC was represented by Mr. Zahid Osman who is the Vice President of LNG Business, MISC Berhad. Also present to witness this significant milestone is Mr. Yee Yang Chien, President & Group CEO of MISC.