MISC and Nissen Kaiun strike LNG carriers sale and leaseback deal

Malaysia’s top shipping line MISC has struck a deal with Japanese shipping mammoth Nissen Kaiun for the sale and charter of two of its existing LNG carriers.

The deal will see MISC transfer ownership of the vessels to Nissen Kaiun, and simultaneously enter into a charter agreement with Eaglestar and Synergy Marine as the shipmanagers.

Captain Rajalingam Subramaniam, president and Group CEO of MISC, said: “This strategic transaction is a testament to MISC’s commitment to enhancing our financial flexibility and our ability to adapt to evolving industry dynamics. This is part of our MISC 2030 business strategy to unlock value, maximising returns from our GAS portfolio, whilst growing commercial and operational scale for our shipping segment.”

Nissen Kaiun’s president Captain Katsuya Abe added the company is excited to start its first time-charter business of LNG carriers for MISC. “Following this memorable first step, we hope to expand the relationship with MISC in LNG carriers and other segments too,” he said.

The first of the two vessels is expected to be delivered to Nissen Kaiun in the fourth quarter of 2023.

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