MET Group links up with Celsius on LNG newbuild

Energy trader MET Group has struck a joint venture deal with Danish owner Celsius Shipping for its first LNG carrier newbuild.

The Swiss-based company said the vessel, scheduled for delivery by China Merchants Heavy Industry in 2027, would bolster its ability to supply LNG from various sources, including the recently signed agreement with Shell to purchase US LNG for 10 years.

MET Group has imported into eight countries in Europe and delivered more than 30 cargoes last year. 

Celsius has a deal for up to twelve 180,000 cu m LNG newbuilds at China Merchants.

The first four ships confirmed in July last year have been fixed on long-term charters with Clearlake Shipping, a subsidiary of commodity trading giant Gunvor. Two of these will be funded via a joint venture with an affiliate of Boston-based infrastructure investor ArcLight Capital Partners. Gunvor will also have a significant stake in the other two newbuilds, which was the first for any independent LNG trader. This was followed by two more ships added to the orderbook in October.

Commenting on the MET Group deal, Celsius chairman and CEO Jeppe Jensen said: “We are very pleased to continue expanding our presence within the LNG industry via additional modern fuel efficient vessels with the lowest possible unit freight costs. Efficient LNG carriers are key to enhancing energy transition given the importance of LNG as the most important imminent fuel for green transition.”