PETRONAS diversifies its global LNG fleet with three newbuild vessels
PETRONAS LNG Ltd. (PLL) has signed a Time Charter Party (TCP) for three newbuild 174,000 cubic metres LNG vessels with shipowner, Hyundai LNG Shipping (HLS). The deal with HLS was awarded via an international tender exercise to support PETRONAS’ growing global LNG business portfolio, according to the company's release.
As part of the agreement, HLS had signed shipbuilding contracts with Hyundai Heavy Industries (HHI) for the construction of the three vessels. Upon completion, these vessels would be amongst the most energy efficient LNG carriers ever built, with shaft generators powered by LNG. These vessels are also installed with air lubrication systems that reduce hull resistance and are designed with an optimised hull design that reduces aerodynamic drag at sea.
The eco-friendly vessels will be fitted with the Integrated Smart Ship Solution to enhance the performance monitoring process. Collectively, these features will give the identical vessels the lowest carbon emission footprint in their class, further attesting to PETRONAS’ commitment to deliver cleaner energy solutions in a responsible manner.
A virtual commemoration ceremony for the conclusion of TCP between the three companies was recently held, witnessed by PETRONAS Executive Vice President and Chief Executive Officer of Gas and New Energy Adnan Zainal Abidin, HLS President and Chief Executive Officer Kyubong Lee and HHI Senior Executive Vice President and Chief Operating Officer S.Y Park.
The newbuild vessels are expected to be delivered from the second quarter of 2024 on a staggered basis and will primarily be used to lift cargoes from LNG Canada, which will further contribute towards the competitive and uninterrupted supply to PETRONAS’ customers.
With these vessels, PETRONAS has grown its global LNG fleet from 24 to 27 covering small, medium and large sized vessels. The multi-sized fleet has enabled the company to reliably deliver LNG to over 25 countries from its global portfolio of supply located in Malaysia, Australia, Egypt and Canada by 2024. To date, PETRONAS has delivered over 11,500 LNG cargoes across the world.