Avenir’s LNG bunker vessel to go on multi-year charter to Italian energy major

UK-based midstream LNG & BioLNG company Avenir LNG has signed a time charter party (TCP) with LNG Shipping, a subsidiary of Italian energy major Eni, for one of its LNG bunker vessels.

Under the multi-year deal, Eni will charter the 7,500 cubic meter (cbm) LNG bunker vessel Avenir Aspiration, commencing from delivery in Europe in 2025.

The 2021-built bunker vessel currently trades alongside in the Northwest Europe performing small-scale supply services and ship-to-ship bunkering operations as part of Avenir’s physical LNG trading division, Avenir Supply and Trading.

“With this announcement, the company continues to deliver on its chartering strategy which has successfully concluded four new term charter agreements over the past 12 months across its fleet of five vessels on the water and two under construction,” Avenir said.

According to the company, the charter increases the third-party charter revenue backlog, including options, to over $285 million, securing additional long-term sustainable cashflow over the next decade. 

Jonathan Quinn, Managing Director of Avenir LNG, commented: “We are excited to be working with Eni to support their expansion into the LNG Bunkering market. This transaction further solidifies Avenir as the trusted partner for modern and efficient small-scale LNG vessels as well as delivering on our strategy to facilitate the growth of LNG as a marine fuel globally. We look forward to embarking on this long-term relationship with Eni whom we will serve with the highest safety and operational standards which Avenir has come to be known for.” 

The UK player recently revealed its intent to divest from the HIGAS LNG storage terminal in Sardinia, Italy, as part of a shift to ‘exclusively’ focus on providing ‘efficient and sustainable’ small-scale LNG supply solutions.