KUALA LUMPUR: Petronas LNG Ltd (PLL) has signed a time charter party (TCP) with Hyundai LNG Shipping (HLS), a shipowner for three new build 174,000 cubic metres liquefied natural gas (LNG) vessels.
In a statement today, PLL said the contract was awarded via an international tender to support the former's growing global LNG business portfolio.
The new build 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.
PLL said this would further contribute towards the competitive and uninterrupted supply to its customers.
As part of the deal, HLS also signed shipbuilding contracts with Hyundai Heavy Industries (HHI) for the construction of the three vessels.
Upon completion, the vessels will be among the most energy efficient LNG carriers ever built, with shaft generators powered by LNG.
The vessels will also be 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, the features will give the identical vessels the lowest carbon emission footprint in their class, further attesting to Petronas' commitment to delivering 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.
With the vessels, Petronas has grown its global LNG fleet from 24 to 27 covering small, medium and large sized vessels.
PLL said the multi-sized fleet had enabled the company to deliver LNG to over 25 countries from its global portfolio of supply located in Malaysia, Australia, Egypt and Canada by 2024.
Petronas has delivered over 11,500 LNG cargoes globally.