Time Charter Parties in the LNG Trade
Article from: OGEL 1 (2006), in Liquefied Natural Gas (LNG)
After years in the doldrums, LNG transportation is on the rise. LNG importers and exporters acted quickly in recent years to secure rights to the few remaining available LNG tankers. Although some LNG sellers and buyers elected to acquire ownership of LNG vessels, often companies in need of LNG transport chose to enter into longterm time charters with a shipowner (who is normally a third party but is occasionally a minority affiliate of the LNG seller/buyer). Shipowners have also preferred the security of longterm time charter income, as it has provided the necessary ...