MISC revealed this deal in a stock exchange filing on Tuesday.
According to the firm, the newbuild LNG carriers will be delivered in 2027.
MISC did not provide further details regarding the shipbuilding deal with Samsung Heavy.
Samsung Heavy announced in a stock exchange on Wendesday that it had won an order from an Asian owner for two LNG carriers scheduled for delivery by April 2027.
The order is worth 678.3 billion won ($514 million) or about $257 million per vessel.
MISC said the new LNG carriers support the strategic intent of rejuvenating its LNG fleet with modern and efficient vessels towards achieving a reduction of greenhouse gas emissions and intensity by 2030.
The LNG shipping firm will incorporate new wholly-owned subsidiaries to own the two new LNG carriers (SPVs).
After that, the SPVs will enter into time charters with Petronas LNG Ltd (PLL) for a firm period of 15 years from 2027, it said.
Termination and new charter
Besides signing a letter of intent for long-term charter, MISC also agreed with Petronas LNG Sdn. Bhd. (PLSB) to the early termination of the time charters of three existing steam LNG carriers, the 2007-built 145,700-cbm Seri Ayu, the 2006-built 145,700-cbm Seri Angkasa, and the 2007-built 153,000-cbm Seri Begawan.
In addition, MISC and PLSB agreed to enter into time charters for two LNG carriers, the 2005-built 145,700-cbm Seri Alam and the 2006-built 145,700-cbm Seri Amanah, upon expiry of their existing time charters in 2025 and 2026, MISC said.
These time charters will last until March 31, 2028.
MISC said the LoI sets out the salient terms and conditions in relation to the transactions, which will form the basis for the finalization and execution of definitive agreements.
According to MISC’s website, it operates a fleet of 28 LNG carriers, including 3 as part of joint ventures, and it also has one chartered LNG bunkering vessel.
In January 2023, MISC took delivery of two 174,000-cbm LNG carriers from Samsung Heavy.
These two vessels serve ExxonMobil’s unit SeaRiver Maritime under long-term charter deals.
Besides operational vessels, MISC previously said it has at least 14 LNG carriers on order.
(Updated to say that the Samsung Heavy order is worth about $514 million.)
