Singapore’s Pavilion Energy has signed an agreement with compatriot BW Group for the long-term charter of two M-type, Electronically Controlled, Gas Injection (MEGI) LNG newbuilds.
The 173,400-cbm vessels are scheduled for delivery between 2019 and 2020, and will be used to enable Pavilion Energy’s global portfolio and LNG trading expansion, the duo said in a joint statement on Monday.
These carriers will add to Pavilion Energy’s existing fleet on water which includes the BW Pavilion Vanda and BW Pavilion Leeara.
Frédéric Barnaud, Group CEO of Pavilion Energy, said, “The long-term charters of these 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. This will reinforce our already strong Asian LNG supply and trading strategy to connect markets and supplies regionally and globally.”
To remind, in 2014, Pavilion Energy and BW 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 Singapore-flagged LNG newbuilds, the BW Pavilion Vanda and the BW Pavilion Leeara, which will both be on long-term charter to Pavilion Energy in 2019.