MISC to purchase six vessels for RM3b

A logo of Malaysia's MISC Bhd is seen at its office in Kuala Lumpur February 4, 2013. — Reuters pic
A logo of Malaysia's MISC Bhd is seen at its office in Kuala Lumpur February 4, 2013. — Reuters pic

KUALA LUMPUR, July 15 — MISC Bhd will purchase six newbuild 98,000-cubic metre Very Large Ethane Carriers for US$726 million (RM3 billion).

In a filing with Bursa Malaysia, MISC said for the transaction, it has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochemical Co Ltd.

Concurrently, MISC, through its vessel-owning entity Portovenere and Lerici (Singapore) Pte Ltd (PLS), has entered into Time Charter Parties (TCPs) with Zhejiang Satellite Petrochemical Co Ltd (STL) for the time charter of the six vessels for operations in international waters.

“Pursuant to the MOAs and TCPs, the vessels will be purchased by MISC for approximately US$726 million and chartered to STL through PLS for a firm period of 15 years.

“The charters for the vessels are expected to commence in the fourth quarter of 2020. Samsung Heavy Industries Co Ltd and Hyundai Heavy Industries Co Ltd, both shipyards in Korea, are constructing three vessels each,” it added. — Bernama

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