Avenir LNG executes time charter extensions for LNG bunker vessel duo

Avenir LNG Limited on Thursday (4 January) announced it has executed two Time Charter Agreements for LNG bunker vessels Avenir Advantage and the Avenir Accolade. 

Avenir’s affiliate Future Horizon (L) Pte Ltd (a joint venture between Avenir and MISC) has signed a new two-year time charter agreement with PETCO Trading Labuan Company Ltd (PTLCL), a trading arm of PETRONAS. 

“Avenir will continue to collaborate with PTLCL by providing LNG as a marine fuel to their customers in Malaysia and Southeast Asia,” Avenir LNG said in a statement. 

In addition, Avenir has entered into an agreement to time charter the Avenir Accolade for a period of up to two years with NFE Transport Partners LLC, a subsidiary of New Fortress Energy Inc. The Avenir Accolade has been serving New Fortress Energy Inc. under a bareboat contract. 

“This new Time Charter agreement demonstrates Avenir’s commitment to operational excellence while also extending the term of the original agreement up until Q4 2025,” Avenir LNG added. 

Jonathan Quinn, Managing Director of Avenir LNG, said: “It is great to have secured our commercial agreements on our first two vessels. Doing so with our foundation customers clearly demonstrates their ongoing support in Avenir as the go-to provider in the small-scale market. I wish to extend Avenir’s full support to PTLCL and New Fortress Energy for the continued success of their respective businesses.” 

The firm added the time charter agreements further consolidate Avenir’s position as a leading provider of small-scale LNG tonnage, and strengthen the company’s total charter revenue backlog, including options, to USD 115 million. 

Related: Petronas Marine’s “Avenir Advantage” conducts first LNG bunkering operations in Sabah
Related: Petronas Marine “Avenir Advantage” in first LNG bunkering op at Port Klang
Related: Malaysia: Maiden refuelling of LNG bunkering capable ‘Avenir Accolade’ completed

Photo credit: Avenir LNG
Published: 5 January, 2024