David Wu’s Saga LNG Shipping has entered into a memorandum of understanding with India’s Venerable LNG (VLNG) to provide mid-size LNG carriers to VLNG’s projects in the Eastern part of India.
Under the MOU, Saga LNG will be chartering one or more 45,000 cu m LNT45-S design newbuild LNG carriers to VLNG for operations in a terminal and infrastructure project under development by VLNG in the Bay of Bengal.
“Now that Saga Dawn is successfully trading, we redouble our efforts on developing new projects to grow our fleet of small to midsized vessels. We believe the market needs more innovative projects like the one VLNG is developing and we are very pleased to contribute to this exciting project by providing an optimized shipping solution,” said David Wu, Founder and CEO of Saga LNG Shipping.
“We at VLNG have a strong belief that tapping into the regions latent gas demand needs innovation in terms of strategy and implementation. We are excited to see the progress of Saga LNG in providing custom made supply solutions to draft limited ports, a necessity in order to access the distributed demand centers without dependence on third party infrastructure. We look forward to jointly working with them to open up newer geographies for LNG supply,” said Mayank Garg, managing director of VLNG.
Saga LNG’s first vessel, the 45,000 cu m Saga Dawn, was built at China Merchants Heavy Industry and joined the company’s fleet last year.