Pavilion Charters Two More LNG Carriers
Singapore-based Pavilion Energy has signed an agreement with shipowner BW Group (BW) for the long-term charter of two newbuild LNG carriers
The two M-type, Electronically Controlled, Gas Injection (MEGI) ships, each with capacity for 173,400 m3, are scheduled for delivery between 2019 and 2020, said Pavilion October 22, adding they would enable its LNG trading expansion and add to its existing fleet on water which includes the Singapore-flagged BW Pavilion Vanda and BW Pavilion Leeara (see banner photo of the latter, courtesy of BW LNG).
Pavilion Energy's CEO, Frederic Barnaud, said that the new long-term charters would 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”.
MEGI engines consume less fuel compared to TFDE (tri fuel diesel engine) vessels, translating into a reduction of about 22,300 metric tons of carbon dioxide emissions per vessel per year, it added.
Four years ago Pavilion Energy and BW formed a joint venture, BW Pavilion LNG, to acquire, manage and charter maritime LNG assets, including LNG carriers.
No specifics about the term of the new charter, or the annual charter rate, were disclosed by either party.