KUALA LUMPUR (June 3): MISC Bhd (KL:MISC) said it has secured a charter contract for another newbuild liquefied carbon dioxide carrier co-owned with its Japanese partner.
The time charter party charter for the 12,000-cubic-metre vessel co-owned with Kawasaki Kisen Kaisha Ltd will transport captured and liquefied carbon dioxide from industrial hubs across Europe to permanent offshore storage facilities in Norway, MISC said in a statement.
“This project will strengthen our position in an emerging market by developing the capabilities, expertise and strategic partnerships needed to support the evolving carbon management value chain,” said MISC chief executive Zahid Osman.
Financial details of the contract were not disclosed. In typical time charter party contracts, the charterer will be responsible for the voyage-related costs like fuel and port fees while the shipowner will be in charge of maintaining the vessel and crew.
The latest contract from Northern Lights JV DA comes on the heels of the first time charter party secured from the same charterer on Jan 29, marking another step in MISC’s participation in the emerging segment to ship liquefied carbon dioxide.
“The two vessels will complement Northern Lights’ existing fleet and directly enable the project’s planned capacity expansion, allowing it to serve a broader base of commercial customers across Europe,” MISC said.