MISC units secure 15-year time charters from QatarEnergy

MISC units secure 15-year time charters from QatarEnergy

The contract is for the time charter of three new-build liquefied natural gas carriers to be built by Samsung Heavy Industries Co Ltd.

MISC’s indirect wholly-owned subsidiaries, namely Polaris LNG Five, Polaris LNG Six, and Polaris LNG Seven, have signed the time charter parties with QatarEnergy. (MISC pic)
PETALING JAYA:
MISC Bhd’s indirect units secured contracts for the long-term time charter of three new-build liquefied natural gas (LNG) carriers from QatarEnergy.

MISC which owns one of the world’s largest fleets of petroleum shipping vessels said its indirect wholly-owned subsidiaries, namely Polaris LNG Five Pte Ltd, Polaris LNG Six Pte Ltd, and Polaris LNG Seven Pte Ltd, have signed the time charter parties with QatarEnergy, a state-owned energy company in Qatar.

“These vessels will be built by Samsung Heavy Industries Co Ltd,” the group said in a filing with Bursa Malaysia today.

Without disclosing the contract value, MISC said that QatarEnergy will charter the vessels for a firm period of 15 years from 2026 onwards.

“The contracts do not have any effect on the issued and paid-up share capital and substantial shareholding in MISC.

“In addition, the contracts are not expected to have any material impact on the earnings per share, gearing, and net assets per share of the group for the financial year ending Dec 31, 2024,” it added.

Qatar’s state-owned energy company, QatarEnergy is engaged in oil and gas exploration, production, refining, transportation, and storage.

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