PETRONAS LNG Ltd. (LNG company) has entered into a 20-year time charter party agreement with MISC Group (a global leader in energy-related maritime solutions) covering five newbuild liquefied natural gas carriers, each with a capacity of 174,000 cubic meters, in a deal designed to strengthen long-term LNG supply reliability and support customers' energy transition toward a lower-carbon future.

Agreement Details and Signatories

The time charter party was signed by Ezran Mahadzir, Chief Executive Officer of PETRONAS LNG Limited, and Hazrin Hasan, MISC Vice President of Gas Asset and Solutions.

The signing follows shipbuilding contracts concluded between MISC and Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. in January and February 2026. The vessels will be constructed in Shanghai, China, with charter commencement expected between 2029 and 2030.

The agreement was announced on 12 May 2026 from Kuala Lumpur. Also present at the signing ceremony were MISC President and Group CEO Zahid Osman, PETRONAS Executive Vice President and CEO of Gas and Maritime Business Datuk Adif Zulkifli, and PETRONAS Vice President of LNG Marketing and Trading Shamsairi M Ibrahim.

Strategic Rationale

Datuk Adif Zulkifli described the transaction as a milestone in PETRONAS' efforts to generate long-term value across the LNG value chain. "The addition of these new LNG carriers marks another important milestone as we continue leveraging the collective strengths of our businesses to create long-term value across the LNG value chain," he said.

"By aligning our growth ambitions with MISC's maritime expertise, we are strengthening the integrated capabilities that support PETRONAS' position as a trusted and reliable global LNG supplier."

The deal reflects PETRONAS' broader focus on reinforcing the resilience and reliability of its LNG supply chain through strategic partnerships and on contributing to the advancement of Malaysia's energy and maritime capabilities.

Vessel Technology and Specifications

The five newbuild carriers will incorporate what the companies describe as modern and efficiency-driven technologies aligned with evolving environmental and operational standards.

Each vessel will be fitted with the latest XDF2.1 propulsion technology, shaft generators designed to enhance fuel efficiency during voyages, and an onboard reliquefaction plant to manage boil-off gas effectively.

The XDF2.1 propulsion system represents the current generation of dual-fuel engine technology widely adopted in the LNG carrier segment, and its inclusion alongside the reliquefaction plant signals an effort to minimize cargo losses and reduce the environmental footprint of each vessel over its operational life.

MISC's Role from Construction Through Operations

Under the terms of the arrangement, MISC will provide project management services throughout the shipbuilding phase at Hudong-Zhonghua Shipbuilding's facilities in Shanghai. Upon delivery of the vessels, which is expected to begin in 2029, MISC will transition into operationalization and ongoing ship management responsibilities.

The companies characterized this integrated approach as ensuring greater operational continuity and reliability from the construction phase through to commercial operations, drawing on MISC's existing experience in LNG vessel management. By maintaining involvement across the full lifecycle of the vessels from build supervision through day-to-day ship management, MISC's role extends well beyond a conventional time charter arrangement.

Context Within PETRONAS' LNG Operations

PETRONAS LNG Ltd. functions as the LNG supply and marketing arm within the PETRONAS Group's gas and maritime business. The group has long positioned itself as a global LNG supplier, and the addition of five dedicated carriers under long-term charter represents a material expansion of its controlled shipping capacity.

The shipbuilding contracts between MISC and Hudong-Zhonghua were finalized in the early months of 2026, preceding the time charter party signing with PETRONAS LNG Ltd. Hudong-Zhonghua Shipbuilding, a Shanghai-based yard with an established track record in LNG carrier construction, will build all five vessels.

The 20-year duration of the charter party reflects the long-term nature of LNG supply agreements that typically underpin such shipping arrangements, providing both parties with extended revenue and supply certainty over the vessels' primary operating lives. Charter commencement is slated for the 2029 to 2030 window, aligned with the shipbuilding timeline negotiated with Hudong-Zhonghua earlier this year.

Your Global Oil & Gas Pipeline Starts With Better Project Intelligence

Globally, the oil and gas sector is moving fast; new upstream developments, expanding LNG infrastructure, and a growing wave of downstream investment are reshaping the competitive landscape. If your team is still relying on fragmented sources and manual research to track what's happening on the ground, you're already falling behind the players who aren't.

The Global Project Tracking (GPT) platform by Blackridge Research brings every layer of the global oil and gas project lifecycle into a single, continuously updated intelligence environment. From frontier exploration announcements to facility commissioning milestones, the platform gives your business development, procurement, and strategy teams the structured data they need to act with confidence.

Whether you're identifying entry points into emerging markets, monitoring competitor activity, or qualifying leads before your rivals do, the GPT platform is built to keep you positioned where the opportunities are forming, not where they've already been won.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your global oil and gas strategy. Book a Free Demo with our team today.