Avenir LNG and Eni Forge Strategic Partnership for LNG Charter

Avenir LNG Partners with Eni for Multi-Year Charter Agreement

Avenir LNG Limited is excited to announce a significant step forward in its operations with a newly signed Time Charter Party (TCP) with LNG Shipping S.p.A., a subsidiary of Eni S.p.A. This agreement involves the chartering of Avenir's state-of-the-art LNG bunker vessel, the Avenir Aspiration. The charter, set to begin with delivery in Europe in 2025, marks a proactive move by the company to cement its presence in the burgeoning LNG bunker market.

Strengthening Avenir's Position in the LNG Bunker Market

This strategic charter partnership not only reinforces Avenir LNG's reputation as a leader in the provision of modern LNG bunker vessels, but it also underscores the company’s ongoing commitment to meeting the rising demand for LNG as a cleaner marine fuel. Over the last year, Avenir has successfully secured four new term charter agreements across its expanding fleet, which now consists of five active vessels and two more in development.

Enhancing Revenue and Long-Term Sustainability

With this new charter, Avenir's revenue backlog from third-party charters, including options, has soared to over $285 million. This substantial increase promises to secure the company’s financial stability and deliver sustainable cash flow for the years ahead. Shareholders can look forward to long-term profitability stemming from Avenir's strategic endeavors in the LNG sector.

Current Operations of Avenir Aspiration

The Avenir Aspiration is currently engaged in essential operations alongside the Avenir Ascension in Northwest Europe. These activities include providing small-scale LNG supply services and executing ship-to-ship bunkering operations as part of Avenir's comprehensive physical LNG trading division.

Commentary from Avenir's Managing Director

Mr. Jonathan Quinn, the Managing Director of Avenir LNG, expressed enthusiasm about the partnership with Eni, stating, "We are excited to be working with Eni to support their expansion into the LNG bunkering market. This transaction further solidifies Avenir as a trusted partner for efficient small-scale LNG vessels and demonstrates our commitment to hastening the global adoption of LNG as a marine fuel. We look forward to forging a long-term relationship with Eni and ensuring the highest safety and operational standards that Avenir represents."

About Avenir LNG Limited

Avenir LNG Limited is a premier midstream LNG and BioLNG company dedicated to catering to the small-scale demand within maritime sectors, industrial consumers, and power generation. The company's fleet comprises five modern LNG bunker vessels, with two more vessels currently under construction, reinforcing its capabilities in LNG supply and innovation.

Frequently Asked Questions

What is the significance of the partnership between Avenir LNG and Eni?

This partnership represents a strategic move for both companies to enhance their positions in the LNG bunker market and support the transition to cleaner marine fuels.

When will the charter for Avenir Aspiration begin?

The charter for the Avenir Aspiration is set to commence upon its delivery in Europe in 2025.

How much revenue backlog does Avenir have following this agreement?

Avenir's third-party charter revenue backlog has increased to over $285 million with this new agreement.

What services does Avenir Aspiration currently provide?

The Avenir Aspiration is involved in small-scale LNG supply services and ship-to-ship bunkering operations in Northwest Europe.

What is the focus of Avenir LNG Limited?

Avenir LNG is focused on meeting the small-scale LNG demand for maritime, industrial, and power generation sectors, driving innovation in the LNG market.

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