Kuala Lumpur: Speculation is growing that Malaysian energy conglomerate Petronas will shift four new LNG carriers to its subsidiary MISC.

CIMB Research said in a recent note considering Petronas’ ongoing commitments in various O&G projects and the more lucrative internal rate of returns (IRR) promised in O&G upstream businesses, shipownership is a relatively low priority.

“Hence, we think Petronas may sell its four LNG vessel newbuildings to MISC. Should this happen, it will mark a dramatic change in fortune for the latter, as the strength of the bonds between Petronas and MISC came into question when Petronas decided to directly order LNG vessels in August last year,” CIMB said.

If Petronas does sell these vessels to MISC, Petronas will likely charter these ships from MISC to meet its shipping requirements at Bintulu and other ongoing projects, like FLNG1.  

Petronas awarded a contract to Korea’s Hyundai Heavy Industries to build four 150,200 cu m Moss-type LNG carriers 13 months ago. [06/11/14]