UK-based small-scale LNG company Avenir LNG has executed time charter agreements for LNG bunkering vessels Avenir Advantage and Avenir Accolade.
Future Horizon, a joint venture between Avenir and MISC, signed a new two-year time charter agreement for Avenir Advantage with PETCO Trading Labuan Company (PTLCL), a trading arm of PETRONAS, Avenir revealed, adding that it will continue to collaborate with PTLCL by providing LNG as a marine fuel to their customers in Malaysia and Southeast Asia.
Avenir also entered into an agreement to time charter Avenir Accolade for a period of up to two years with NFE Transport Partners, a subsidiary of New Fortress Energy (NFE). This vessel has been serving NFE under a bareboat contract.
The new time charter agreements strengthen the company’s total charter revenue backlog, including options, to $115 million, according to Avenir.
Jonathan Quinn, Managing Director of Avenir LNG, commented: “It is great to have secured our commercial agreements on our first two vessels. Doing so with our foundation customers clearly demonstrates their ongoing support in Avenir as the go-to provider in the small-scale market. I wish to extend Avenir’s full support to PTLCL and New Fortress Energy for the continued success of their respective businesses.”
Avenir LNG currently has a total fleet of five tankers in the water. The latest vessel to join the fleet was the 20,000 cbm Avenir Achievement in May 2022.
The company also owns a small-scale LNG terminal in Sardinia, with assets/partnership now operating in China, Malaysia, the Mediterranean, the Baltic Sea and the Caribbean.
At the end of 2023, Avenir LNG went through management changes, with its CEO Peter Mackey stepping down from his position.