London-based Avenir LNG has locked up new time charter agreements for two of its LNG tankers, the company said on Jan. 4.
The vessel Avenir Advantage entered into a two-year agreement — a continuation of an earlier deal — with PETCO Trading Labuan Co. PETCO is a trading arm for PETRONAS, a Malaysian-based energy group. Avenir provides LNG as a marine fuel for PETRONAS customers in Malaysia and Southeast Asia.
Another vessel, the Avenir Accolade, entered into a new agreement for up to two years with NFE Transport Partners, a subsidiary of U.S.-based New Fortress Energy. The Accolade was in service to NFE under a bareboat contract.
A bareboat contract is an arrangement to hire a ship without a crew or provisions. A time charter is a contract for the cargo space of a manned ship for a specified period.
Avenir LNG is a small-scale LNG supplier to businesses that are off-grid industry, power generation and marine transport.
“It is great to have secured our commercial agreements on our first two vessels,” said Jonathan Quinn, Managing Director of Avenir LNG. “Doing so with our foundation customers clearly demonstrates their ongoing support in Avenir as the go-to provider in the small-scale market.”
The two new deals strengthened the company’s total charter revenue backlog to $115 million, according to numbers released by Avenir LNG.
Recommended Reading
First Solar’s 14 GW of Operational Capacity to Support 30,000 Jobs by 2026
2024-02-26 - First Solar commissioned a study to analyze the economic impact of its vertically integrated solar manufacturing value chain.
SunPower Begins Search for New CEO
2024-02-27 - Former CEO Peter Faricy departed SunPower Corp. on Feb. 26, according to the company.
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
GE Vernova Completes Spin-Off from GE
2024-04-04 - GE Vernova, an energy transition company, began trading as an independent company on the New York Stock Exchange this week.