Avenir LNG's Avenir Accolade. (Source: Avenir LNG)
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.