Total has tied up an LNG carrier contracted by Greece’s Minerva Marine in a multi-year deal.
Industry sources said the French energy major, which plans to rename itself TotalEnergies from May to reflect its decarbonisation moves, has hooked one of the ships already ordered by Minerva.
They indicated that it is fixed for at least five years, with options to extend the hire.
Last month, Sovcomflot (SCF Group) signed a time charter with Total for up to seven years on a 174,000-cbm Hyundai Samho Heavy Industries-built vessel fitted with an X-DF propulsion system for delivery in the third quarter of 2023.
Brokers reported a rate in the low $60,000s per day for the firm period.
The Sovcomflot deal includes options on two additional vessels.
The charters are believed to be the result of a tender for new or existing LNG vessels launched by Total last year.
Minerva declined to comment. Total did not respond to requests for comment.
Minerva broke into the LNG sector in 2018, ordering two ME-GI 173,400-cbm vessels at Daewoo Shipbuilding & Marine Engineering for just under $183m each, before shifting to Samsung Heavy Industries, where it built up a three-unit order of X-DF ships.
Last May, it emerged that Minerva had fixed two of the five vessels to Shell. Brokers said the first of these, the 173,400-cbm Minerva Psara (built 2021), is already trading for Shell.
Minerva is due to take delivery of three more newbuildings this year: the DSME-built, 173,400-cbm Minerva Limnos; and the 174,000-cbm sisterships Minerva Kalymnos and Minerva Chios from SHI.
A fifth, the 174,000-cbm Minerva Amorgos, is scheduled for handover from SHI in 2022.
It is not immediately clear which ship Total is taking.
But brokers are now listing Minerva with just two open vessels.
Total and Shell have been scooping up tonnage to cover their growing LNG portfolios.
Total has stated its ambition to become a net-zero business by 2050.
Chairman and chief executive Patrick Pouyanne said in a results presentation last week: “In the context of achieving our climate ambitions, while creating value, our strategy for profitable growth is focused on these two pillars, LNG and renewable generation.
“Clean low-carbon energy is in the future,” he added, highlighting that oil demand fell 9% last year while demand for LNG and renewable power increased by 3% and 13%, respectively.
In a video timed to coincide with the results briefing, senior vice president for LNG Thomas Maurisse said the company expects to have 50 million tonnes per annum of LNG sales by 2025, which it said makes it the world number two.
Maurisse said Total controls 20 LNG carriers and has the largest regasification capacity in Europe.
