MISC sells two LNG carriers to Nissen Kaiun

Shipowner MISC Berhad (MISC) has entered into a new partnership agreement with Japanese ship owner, Nissen Kaiun Co. (Nissen Kaiun) for the sale and charter of two of its existing LNG carriers.

Under the terms of the transaction, MISC will transfer ownership of the LNG carriers to Nissen Kaiun, and simultaneously enter into a charter agreement with Eaglestar and Synergy Marine as the shipmanagers.

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

“This strategic transaction is a testament to MISC’s commitment to enhancing our financial flexibility and our ability to adapt to evolving industry dynamics. This is part of our MISC 2030 business strategy to unlock value, maximising returns from our GAS portfolio, whilst growing commercial and operational scale for our shipping segment,” Rajalingam Subramaniam, President & Group CEO of MISC, said.

“We are very proud and excited to start our first time-charter business of LNG carriers for MISC. With support from Synergy Group and Eaglestar, we will strive for the safe operation of LNG carriers. Following this memorable first step, we hope to expand the relationship with MISC in LNG carriers and other segments too,” Katsuya Abe, President of Nissen Kaiun, said.

MISC has recently signed collaboration agreements with Swiss marine power company WinGD and classification society DNV for the development of ammonia engines for ammonia dual-fueled vessels.

According to MISC, the collaboration agreements among AET, ALAM and WinGD aim to drive the development of ammonia engines for ammonia dual-fuel vessels and strengthen its commitment to finding sustainable and safe transition pathways to zero-emission shipping.