Japanese Mitsui conrtacts eight LNG vessel

By Finance

The Japan-based Mitsui & Co. shipping company has contracted the eight in a series of LNG carriers intended to be used for the transfer of LNG from the U.S.-based Cameron LNG, to customers mainly situated in Japan.

In September 2014, the Japanese company secured five ships with time charter parties and in January 2015  two more charter parties were signed.

Representatives of Mitsui stated:

“Mitsui has newly contracted yesterday the eighth ship, bringing the total maximum charter hire amount for the combined eight ships to approximately 700 billion Japanese yen.”

Japanese Mitsui contacts the eight LNG vessel

Image: MOL

The Trinity LNG Transport S.A, which is a co-operative enterprise between Kawasaki Kisen Kaisha Ltd, Imabari Shipbuilding Co Ltd and Mitsui, chartered the final membrane type LNG vessel with a capacity of 178,000 m3.

The LNG vessel is a newbuild undergoing construction of the Imabari Shipbuilding Co., Ltd, based in Japan. The ship has been hired for 25 years and its charter is set to start in approximately 5 years.

In 2011 Cameron LNG proposed adding natural gas liquefaction and export facilities to its existing terminal in Hackberry, Louisiana, as a result of the improved outlook for domestic natural gas production.

The new Cameron LNG’s liquefaction facilities will use many of the existing facilities, and will be comprised of three liquefaction trains capable of exporting up to 12 million tonnes per annum (Mtpa), or nearly 1.7 billion cubic feet per day of LNG. The project construction works began in October 2014, with commercial operation expected to begin in 2018.

U.S.based Cameron LNG has obtained approval from the Department of Energy (DOE) in the United States, to export the domestically produced LNG to all current and future Free Trade Agreement( FTA) countries. In September 2014 the company received a final authorization from the DOE to export LNG to non-Free Trade Agreement countries, including those in Europe and Asia.