BGN Signs JV With CCEC For First LNG Carrier, the AMORE MIO I
BGN, the 6th largest independent energy and commodities trading group, has successfully signed a long-term vessel charter agreement with an affiliate of Capital Clean Energy Carriers (CCEC), a recognized leader in the global shipping industry.
Under the agreement, BGN has partnered with CCEC in a joint venture company, BM Capital LLC, for the long-term charter and operation of LNG vessel, the Amore Mio I. This is BGN’s first long-term ownership of an LNG vessel, in a deal comprising a charter period of 10 years, with the option to extend by a further 6-years.
The Amore Mio I is a 2-stroke 174,000 cbm LNG carrier equipped with onboard reliquefication, shaft generators and compliant with IMO Tier III emissions standards.
BGN Shipping Director Ozan Turgut said: “We are delighted to enter into this landmark agreement with CCEC. This is a major milestone for BGN as we continue to invest and expand our maritime operations. Taking delivery of our first LNG shipping vessel significantly enhances our fleet capacity and ability to meet growing demand across our global customers.
BGN set an ambition to increase its fleet with two new LNG vessels by 2027, and ten new LPG vessels by 2028. I’m pleased to say that taking delivery of the LNG vessel, the Amore Mio I in early 2027, puts us firmly on track to achieve this goal.”.
Jerry Kalogiratos, CEO of Capital Clean Energy Carriers Corp., commented: “We are very pleased to have concluded this innovative transaction with the BGN group, which enables CCEC to achieve several strategic objectives simultaneously. Firstly, securing a new long-term charter underscores the enduring strength of the LNG shipping sector for reputable owners operating state-of-the-art LNG carriers. Secondly, it highlights our ability to attract co-investment with a major energy trading partner such as BGN. Thirdly, the new charter enhances the diversity and quality of our charter portfolio, provides further balance sheet flexibility, and strengthens cash flow visibility for our investors.”.
The joint venture demonstrates BGN’s commitment to expanding its operational capabilities through strategic partnerships and investment in its asset base and logistics infrastructure, as it realizes its ambitions to grow its global footprint across the energy sector.
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