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TNB Unit Signs RM2.3 Billion Coal Shipment Deal

26/04/2016

TNB Fuel Services Sdn. Bhd. (“TNBF”), a wholly-owned subsidiary of Tenaga Nasional Berhad (“TNB”) today signed five (5) Long Term Contract of Affreightment (“COA”), valued approximately at USD537 million or RM2.3 billion for the shipment of coal from Indonesia.

The contract, 10 years (for secondhand vessel) and 15 years (for newbuilding vessel) are with the following Malaysian shipping companies:

 

  1. PNSL Berhad, Consecutive Voyage Charter (“CVC”) secondhand with a vessel size of 70,000mt +/-10%, for 1.5 Million tonne per annum (“Mtpa”) with an estimated contract value of about US$99 million for a 10-year period.
  2. Prima Shipping Sdn. Bhd., CVC secondhand with a vessel size of 70,000mt +/-10%, for 1.5 Mtpa with an estimated contract value of US$99 million for a 10-year period.
  3. Duta Marine Sdn. Bhd., CVC secondhand with a vessel size of 70,000mt +/-10%, for 1.5 Mtpa with an estimated contract value of US$100.5 million for a 10-year period.
  4. Malaysian Bulk Carriers Berhad, CVC newbuilding with a vessel size of 80,000mt +/-10%, for 1.5 Mtpa with an estimated contract value of US$143.1 million for a 15- year period.
  5. PNSL Berhad, CVC secondhand with a vessel size of 80,000mt +/-10%, for 1.5 Mtpa with an estimated contract value of US$95.4 million for a 10-year period.

The awarding of the Long Term COA reflects TNBF's commitment in promoting and nurturing the growth of Malaysian owned shipping companies which eventually will allow them to own and/or operate Malaysian flagged vessels.

Simultaneously, the Long Term COA allows TNBF to diversify its freight contracts’ portfolio to 60% term COA, 20% spot contract and 20% Long Term COA, subject to market condition.



For more detail: File