BW Group clinches new charter deals for two LNG newbuilds

BW Group has clinched a long term charter deal for two of its newbuild LNG carriers with Pavilion Energy. The deal will strengthen Pavilion Energy's LNG trading activities, especially on long-haul voyages from Atlantic liquefaction plants to Singapore and other Asian markets.

News ID: 80254

Date: 24 October 2018 - 08:22

Both the LNG newbuild vessels are scheduled for delivery between 2019 and 2020.

BW GROUP has signed a new long-term charter for two of its liquefied natural gas carrier newbuilds with Singapore-based Pavilion Energy.

The 173,400-cbm vessels are scheduled for delivery from Daewoo Shipbuilding & Marine Engineering between 2019 and 2020.

“The long-term charters of these M type, Electronically Controlled, Gas Injection(MEGI) newbuilds from our long-standing shipping partner BW will strengthen Pavilion Energy’s global LNG trading activities, especially on long-haul voyages from Atlantic liquefaction plants to Singapore and Asian markets,” Pavilion Energy chief executive Frederic Barnaud said in a statement.

This will reinforce our already strong Asian LNG supply and trading strategy to connect markets and supplies regionally and globally, he added.

BW LNG managing director Yngvil Asheim, said the charters were important milestones in the growth of its collaboration with Pavilion Energy.

In 2014, the two companies formed a joint venture, BW Pavilion LNG, to acquire, manage and charter maritime LNG assets, including LNG carriers.

The joint venture’s fleet includes two 2015-built Singapore-flagged LNG vessels - the BW Pavilion Vanda and the BW Pavilion Leeara, which will both be on long-term charter to Pavilion Energy in 2019.