MISC ACCELERATES ITS #DELIVERINGPROGRESS STRATEGY THROUGH PARTNERSHIP WITH PTT ON TWO OF THE WORLD’S LARGEST VLECS
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On 28 February 2025, we secured a long-term Time Charter Parties (TCP) with PTT Public Company Limited (PTT) for two new Very Large Ethane Carriers (VLECs). This partnership reflects our commitment to MISC Group’s #deliveringProgress strategy which focuses on driving sustainable growth, enhancing portfolio resilience, and delivering value to stakeholders.
This venture marks a strategic expansion for MISC in expanding our business in the transportation of ethane, which began with the acquisition of our first fleet of VLECs in 2020. These VLECs will play a key role in transporting ethane from U.S export facilities to Thailand, supporting PTT’s growing operations. By staying ahead of industry demands, we continue to create value-driven solutions for our stakeholders while ensuring long-term sustainability in a rapidly evolving market.
The state-of-art VLECs will be built by HD Hyundai Heavy Industries in Korea and will be chartered to PTT for a firm period of fifteen (15) years, with operations expected to commence in the fourth quarter of 2028. With a massive 100,000 cbm capacity, these vessels will be among the largest of its kind in the world, featuring:
- Dual-fuel ethane propulsion engines – reducing greenhouse gas emissions compared to conventional vessels.
- IMO Tier III NOx compliance.
- Shaft Generator technology – enhancing fuel efficiency while reducing emissions.
- GTT MARK III containment system – ensuring safe transportation of ethane, ethylene and LPG at -104°C.
The TCP agreement was signed by President and Group Chief Executive Officer of MISC Berhad, Mr. Zahid Osman, and Mr. Jaturong Worawitsurawatthana, Senior Executive Vice President, International Trading Business Unit, PTT Public Company Limited. Witnesses of the signing were Mr. Hazrin Hasan, Vice President of Gas Assets and Solutions of MISC Berhad and Mr. Kajorn Rungsalitsak, Executive Vice President, International Trading - Downstream, PTT Public Company Limited.
MISC AT MGA’S PREMIER EVENTS
MISC was honoured to be the keynote sponsor and actively participated in the series of events held by the Malaysian Gas Association (MGA) from 10 to 14 February 2025 in Kuala Lumpur. This prestigious gathering provided a dynamic platform for meaningful dialogues and strategic discussions on the future of the global gas industry.
A key highlight was the International Gas Union (IGU) Executive Committee (EXC) meeting 2025, hosted by MGA. This biannual event brought together IGU leadership and key global members to discuss industry developments, emerging trends, and strategic decision-making on key IGU initiatives, execution plans, and activities. Beyond the EXC Meeting, the week featured a series of internal IGU meetings, a Gala Dinner, and the Malaysian Gas Symposium (MyGAS 2025).
As part of the engagement, Mr. Hazrin Hasan, MGA Council Member, delivered the welcome remarks at the IGU Reception Cocktail on 11 February 2025. He called upon the industry players to unite in driving the gas industry’s transformation, challenge the way of thinking and find innovative ways to finance the industry’s journey towards a resilient and sustainable future.
For MISC, this event was more than just an opportunity to participate, it provided a valuable platform to engage with key stakeholders, contribute to global conversations and reinforce our commitment to advancing the international gas industry’s transformation.
PUTERI MUTIARA SATU WELCOMES OUR STAKEHOLDERS
MISC had the opportunity of hosting a delegation aboard the LNG Carrier, Puteri Mutiara Satu, at the Bintulu LNG Terminal on 20 February 2025. The visit brought together key leaders from the LNG industry in Malaysia and Japan, reinforcing the strong partnerships that drive the energy sector forward.
Among the esteemed guests were Mr. Susumu Saito, President and Director of Hokkaido Electric Power Company Inc.; Mr. Shamsairi Ibrahim, Vice President of LNG Marketing & Trading at PETRONAS; and Mr. Toru Matsuura, General Manager of the Malaysia Business Department at Mitsubishi Corporation, along with key representatives from MISC, PETRONAS, Hokkaido Electric, and Mitsubishi Corporation.
The visit highlighted the operational excellence of Puteri Mutiara Satu, offering the delegates a firsthand look at its capabilities. It facilitated meaningful knowledge exchange and strengthened partnerships, showcasing our role in driving safety, efficiency and reliability in LNG transportation.
Puteri Mutiara Satu was built in 2005 by Mitsui Engineering & Shipbuilding Co., Japan and has been sailing the seas for nearly two decades. To date, she has delivered 137,595 cubic metres (CBM) of LNG to various LNG receiving terminals in Japan.
As of 31 January 2025, the vessel has successfully delivered 411 LNG cargoes to Japan, totaling an impressive 54.14 million CBM of LNG, a testament to its reliability and excellence in serving global energy needs.
The visit reaffirmed our shared commitment to delivering safe, reliable and efficient energy solutions to meet the worlds growing demands.
