Seeking to expand its offshore operations by expanding its fleet, Dubai-based independent energy and commodities trading group BGN has entered into a long-term liquefied natural gas (LNGC) transportation contract with a subsidiary of Capital Clean Energy Carriers (CCEC).
BGN has partnered with CCEC in a joint venture, BM Capitalfor long term charter and operation My love The LNG carrier is the Dubai-headquartered company’s first long-term ownership of an LNG vessel. The deal includes a ten-year lease period, with an option to extend for another six years.
Ozan TurgutBGN’s Shipping Manager commented: “This is a major milestone for BGN as we continue to invest and expand our offshore operations. The delivery of our first LNG cargo ship significantly enhances the capacity of our fleet and our ability to meet growing demand across our global customers.”
“BGN aspires to increase its fleet by two new LNG vessels by 2027, and ten new LPG vessels by 2028. I am pleased to say that the receipt of the LNG vessel, Amore Mio I in early 2027, puts us firmly on track to achieve this goal.”
The 174,000 m³ two-stroke LNG carrier Amore Mio I, equipped with onboard liquefaction generators and shaft generators, complies with International Maritime Organization (IMO) Tier III emission standards. The joint venture is seen as demonstrating BGN’s commitment to expanding its operational capabilities through strategic partnerships and investing in its asset base and logistics infrastructure, as it realizes its ambitions to grow its global footprint across the energy sector.
Jerry KalogeratosThe CEO of Capital Clean Energy Carriers confirmed: “We are very pleased to have concluded this innovative deal with 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 of reputable owners who operate modern LNG carriers.
“Second, it highlights our ability to attract co-investment with a major energy trading partner like BGN. Third, the new charter enhances the diversity and quality of our charter portfolio, provides greater balance sheet flexibility, and enhances cash flow visibility for our investors.”
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