Pavilion Inks Long-term LNG Charter Deal with BW
Singapore's Pavilion Energy has signed an agreement with commodities shipper BW Group for the long-term charter of two newly built liquefied natural gas (LNG) vessels, the company said on Monday.
The 173,400 cubic meter vessels, expected to be delivered between 2019 and 2020, will add to Pavilion's global portfolio and boost its LNG trading expansion, the company said.
The M-type, electronically controlled, gas injection (MEGI) vessels offer environmental benefits through greater efficiency and lower carbon emissions, it added.
"The long-term charters of these MEGI newbuilds ... will strengthen Pavilion Energy's global LNG trading activities, especially on long-haul voyages from Atlantic liquefaction plants to Singapore and Asian markets," said Frederic Barnaud, group chief executive of Pavilion Energy.
Pavilion Energy was set up in April 2013 by Temasek Holdings , Singapore's sovereign wealth fund, and is focused on LNG investment.
It formed a joint venture with BW in 2014 called BW Pavilion LNG to acquire, manage and charter maritime LNG assets, including LNG carriers.
(Reporting by Jessica Jaganathan; editing by Richard Pullin)