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voda 23 januari 2018 20:18

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Golar LNG Partners LP secures new long-term FSRU contract

Golar LNG Partners LP announced that it has executed a 15-year charter with an energy and logistics company for the provision of an FSRU (floating storage and regasification unit) and related services in the Atlantic Basin. The charter provides the Partnership with the flexibility to nominate either the Golar Spirit or the Golar Freeze to service the contract provided that the nominated FSRU satisfies certain technical specifications ahead of project start-up, which is expected in the fourth quarter of 2018. The vessel is expected to remain in service for up to 15 years without drydock and will therefore undergo drydocking as well as some minor modifications prior to service commencement. The capital element of the charter rate will vary according to demand for regasification throughput but includes a cap and a floor and so is expected to generate annual operating income before depreciation and amortisation of between approximately USD 18 and USD 22 million. The charter includes an option after 3 years for the charterer to terminate the contract and seek an alternative regasification solution, but only in the event that certain throughput targets have not been met.

Additionally, Golar Partners will have a matching right to provide such alternative solution. The charter also includes a 5-year extension option.

Mr Graham Robjohns CEO of Golar Partners said that “securing this contract demonstrates the underlying value of the Partnership’s existing assets, adds significant term and revenue backlog whilst simultaneously reducing re-contracting risk. It also reflects the growing interest in smaller, cost competitive FSRUs that can facilitate the opening of niche markets previously considered uneconomic for LNG.”

Source : Strategic Research Institute

voda 23 januari 2018 20:19

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Baleària, Gas Natural Fenosa sign the first permanent LNG bunkering contract for ship propulsion in Spain

BALEÀRIA and GAS NATURAL FENOSA sign the first permanent Liquefied Natural Gas (LNG) bunkering contract for ship propulsion in Spain. The supply contract will be exclusive for 10 years and will initially apply to the ports of Barcelona, Valencia and Algeciras, then extended to all the peninsular ports operated by the shipping company together with the entire new fleet powered by this fuel committed to using LNG as an ecological fuel.

The president of Baleària, Adolfo Utor, and the Wholesale Iberian Marketing Manager of GAS NATURAL FENOSA, Joaquín Mendiluce, this morning signed this agreement at the International Tourism Fair (Fitur) in Madrid. The contract between the energy company and Baleària is the first permanent, multi-system bunkering contract for LNG ship propulsion signed in the Iberian Peninsula.

To implement the supply to Barcelona under the contract signed today it will have a ship assigned to LNG bunkering in the Port of Barcelona. In the case of Valencia and Algeciras, both companies are already working on a land-based solution.

“In our commitment to LNG the agreement with GAS NATURAL FENOSA represents a strategic alliance. We are currently building the first two ships powered by this clean energy to operate in the Mediterranean. The first is scheduled to come into operate at the beginning of 2019, which makes us pioneers in the use of LNG. We are committed to clean energy as we are convinced it is possible to fight climate change while also being competitive” says Adolfo Utor, the president of Baleària.

“At Gas Natural Fenosa we work to offer solutions that enable sustainable development of sea freight. The agreement we have reached with Baleària is proof of this as we have designed a different technical solution for each of the ports at which we will manage gas supplies. Thanks to the teamwork between Gas Natural Fenosa and Baleària, we have succeeded in identifying the solutions to achieve a very important improvement in air quality at competitive costs”, explained Mendiluce.

A step further in innovative collaboration
GAS NATURAL FENOSA and Baleària have worked together for several years on developing innovative solutions to help enhance the environment in port and maritime environments.

Last year both companies successfully completed a pioneering project in Spain: for the last few months the Abel Matutes is the first ferry to operate with an auxiliary engine supplied by GAS NATURAL FENOSA. Liquefied natural gas bunkering for this ferry was the first operation of its kind to be carried out at the Port of Barcelona. This project reduces emissions and improves air quality.

Natural gas, the key to decarbonising ocean-going transport
The transport sector is one of the key sectors for easing global warming as it is one of the most polluting and a major emitter of CO2. In this respect vehicular natural gas (VNG), both when used as compressed natural gas (CNG) for light transport and its use as liquefied natural gas (LNG) ships and heavy transport is destined to become the fuel of the future in transport owing to its numerous advantages.

As is the case with road transport, VNG, in liquefied form or LNG is also a fuel with a great potential for decarbonising ocean-going transport as most ships are currently powered by oil-based products. The use of LNG as maritime fuel has advantages for the environment: it cuts ambient noise by 50%, CO2 emissions by 25% and NOx and SOx by over 80%.

In addition to the more than 119 ships currently powered by natural gas there is an order portfolio for 125 new ships from now to 2025. The world fleet powered by LNG is increasing at a pace of between 15 and 25% a year, so should this trend continue in 2025 there may exist a worldwide fleet of 300 to 600 ships. It is estimated that in 2035, 22% of total bunkering consumption will be LNG.

Leader in LNG supplies to the end customer
Over the last year, GAS NATURAL FENOSA has carried out an intensive activity across Europe to promote the use of natural gas as a maritime propulsion fuel, aware of its environmental advantages in urban and maritime environments.

The small scale marketing of liquefied natural gas and land and maritime mobility is one of the strategic activities of the energy company which currently supplies over 6 TWh a year of LNG to end customers in the Iberian Peninsula, making GAS NATURAL FENOSA the leader in this market.

Baleària is the leading passenger and cargo shipping company operating with the Balearics, Ceuta and Melilla with the peninsula and in a further five countries. It is a benchmark in service, innovation and social responsibility in the Spanish ocean-going transport sector. In 2016, it carried over 3,500,000 passengers and 5,000,000 linear metres of cargo over the 18 lines it operates. Baleària is also a pioneering shipping company in the use of liquefied natural gas worldwide, as it has the first gas-powered auxiliary engine operating in a passenger ferry and has commissioned the building of two natural gas powered smart ships.

Source : Strategic Research Institute

voda 23 januari 2018 20:19

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AG&P to finish India LNG terminal by mid-2019 - Mr Gan

Manila Times reported that Philippine-based Atlantic Gulf and Pacific Co. (AG&P) is slated to complete the construction of the liquefied natural gas (LNG) import terminal in India by mid-2019, according to its top executive. “The LNG import terminal in Karaikal Port is expected to be up and running by mid-2019,” AG&P President Mr Augusto Gan told The Manila Times in an email interview.

Mr Gan said the use of a unique approach including standardized designs and modular construction has eliminated costly engineering costs and accelerated the schedule for building this LNG facility in India. He added the project is on course for construction to commence post the final investment decision, which is expected by mid-2018.

When completed, the LNG import terminal would help India meet its need for reliable energy and its plans for a ‘greener’ energy future.

AG&P said that “Once operational, the terminal will provide wider gas accessibility to major manufacturing clusters in Puducherry and Tamil Nadu for the fertilizer, cement, steel, textile, leather, sugar and garment industries, which are located within its 300 kms [kilometers]catchment area.”

However, this will also serve the gas-fired power industry as well as multiple demand centers via pipeline and/or city gas distribution networks.

Source : Manila Times

voda 23 januari 2018 20:20

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South Korea plans to boost LNG imports from Russia - Mr Song

Sputnik reported that South Korea plans to increase the supplies of liquefied natural gas (LNG) from Russia, the Ministry for the Development of the Russian Far East said, citing head of South Korea's Northern Economic Cooperation Committee Mr Song Young-gil.

Mr Song said during a video conference with Minister for the Far East Development Alexander Galushka "We have agreed to develop cooperation not only in the field of aquaculture but also in other products and services, in particular, Korea plans to increase LNG supplies from Russia."

During the video conference, the sides discussed some specific joint projects in Russia's Far Eastern Federal District and reached an agreement on the participation of Korean business in the construction of a fertilizer plant in Nakhodka.

Source : Sputnik

voda 23 januari 2018 20:21

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Tanker delivering Russian LNG to Boston makes U-Turn in Atlantic - Reports

Sputnik reported that the vessel was due to arrive in the United States, but now it is heading back toward the Spanish port of Algeciras near Gibraltar. A tanker carrying Russian-produced liquified natural gas (LNG) has turned back while on a trip in the Atlantic, a day before it was scheduled to deliver the shipment on the US East Cost, Bloomberg reported, citing ship-tracking data.

The data shows that the Gaselys vessel is now heading toward the Spanish port of Algeciras near Gibraltar and should arrive there next week. The vessel is carrying a cargo from the Isle of Grain terminal in Britain meant for the Everett regasification terminal near Boston.

The tanker is owned by the French energy company Engie. However, earlier this week the Russian business daily Kommersant reported, citing sources, that the gas had been produced at the Yamal LNG plant in Russia.

Carol Churchill, a spokesperson with the Engie's office in Boston, said in an emailed statement to Sputnik that "The LNG cargo that ENGIE Gas & LNG recently purchased was loaded onto a tanker from ENGIE’s fleet at the Isle of Grain facility in the United Kingdom. Isle of Grain is a large global import/reexport facility receiving LNG from nearly all exporting countries, and is well situated to serve markets on either side of the Atlantic."

Earlier, Russia's Novatek, which co-owns the Yamal LNG project, said the company sold the gas to a trader, after which it is no longer responsible for its movement.

Novatek spokesperson Mr Yury Melikhov told the newspaper Izvestia, "Yamal LNG sold the gas to our trading partner Novatek Gas & Power. In turn, the company resold the gas to Malaysia's Petronas, after which we have no relation to the shipment. We just sold it and this is it. We don't know what will happen to this gas in the future."

Source : Sputnik

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voda 25 januari 2018 20:07

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BP, Oman sign 1.1 million tonne per annum, 7 year LNG supply deal

Reuters reported that BP's Singapore-based trading unit has signed a deal to buy 1.1 million tonnes of liquefied natural gas (LNG) a year for seven years from Oman LNG, after BP helped push up Omani gas production. The signing in capital Muscat was attended by Oman's Minister of Oil and Gas Al Rumhy and BP LNG Chief Operating Officer Jonathan Shepard.

First production from BP's giant Khazzan gas field in September is reversing a decade-long decline in output from Oman's 10.4 million-tonnes-per-annum-capacity (mtpa) LNG plant.

Oman LNG exported 8.2 mtpa last year, compared with 8 mtpa in 2016, 7.6 mtpa in 2015 and 7.4 mtpa in 2014, according to data on the Thomson Reuters Eikon terminal.

Falling LNG exports stem from a government policy of prioritising gas for domestic electricity and industrial demand.

Khazzan's estimated 10.5 trillion cubic feet in recoverable gas resources offers a new source of feedstock for Oman LNG.

The free-on-board terms of the deal allow BP to ship the cargoes anywhere without destination restrictions.

Source : Reuters

voda 31 januari 2018 20:10

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NYK Line sign contract with EDF LNG Shipping for LNG carrier

NYK Line signed a contract with EDF LNG Shipping Ltd, a subsidiary of Electricité de France (EDF), one of the largest electricity companies in the world, to charter out a newly built liquefied natural gas (LNG) carrier for seven years, with optional extension periods for up to 13 additional years. The vessel will be built by Hyundai Samho Heavy Industries in Korea and is due to be delivered on April 30, 2020. The vessel will be fitted to EDF’s specific requirements and will have a 174,000-cubic meter capacity membrane-type cargo tank fitted with a GTT Mark III Flex cargo containment system and a dual-fuel slow-speed engine (WinGD X-DF diesel engine).

In accordance with its corporate strategy, the NYK Group will continue its efforts to provide stable energy transport services all over the world through long-term contracts for business with stable freight rates.

GTT Mark III Flex cargo containment system
The Mark III membrane system is a cryogenic liner directly supported by the ship’s inner hull and designed to store LNG at near atmospheric pressure.

WinGD X-DF diesel engine
Two stroke large bore slow speed diesel engine able to operate on marine gas oil or boil off gas stored as liquid at cryogenic temperatures.

Source : Strategic Research Institute

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voda 31 januari 2018 20:19

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Tanker carrying 1st batch of Russian LNG arrives in Boston

United States Coast Guard told Sputnik that Tanker Gaselys, carrying the first shipment of Russian liquefied natural gas (LNG) reached a port near the city of Boston in the east of the United States. "I can confirm [the tanker’s arrival]. It came [on Sunday] morning [local time]. As far as I know, everything is okay," the authority’s spokesperson said.

On December 8, the first Russian LNG batch produced at Yamal LNG facility was loaded onto the Christophe de Margerie tanker after the plant opening.

In late December, the shipment reached the United Kingdom, where it was picked up by the French Gaselys tanker for the second part of the journey.

On January 19, the tanker appeared to turn around in the middle of the Atlantic. France's Engie company, which owns the tanker, has told Russia's RBC newspaper that the turn was made due to bad weather.

Russia’s Novatek natural gas producer, having a share in Yamal LNG, has mentioned PETRONAS LNG UK Limited, a subsidiary of Malaysia’s state oil and gas company Petroliam Nasional Berhad (Petronas), as a purchaser of the first Russian LNG batch.

Source : Sputnik

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voda 1 februari 2018 20:31

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Port of Amsterdam, Titan LNG sign long-term Rental Agreement

Port of Amsterdam and Titan LNG have signed a long-term contract for the “home” location of Titan’s bunkering pontoon: the FlexFueler001. This pontoon will be the first of its kind in Europe providing easy, affordable and safe LNG bunkering services of this cleaner marine fuel. The agreement underpins the ports’ ambition to facilitate the development of the LNG bunkering market in Amsterdam.

Mr Koen Overtoom, CEO Port of Amsterdam, said that “We believe in LNG as a shipping fuel and Titan LNG’s solution fits very well with our strategic focus on becoming a sustainable port and our transition to renewable energy. We strive to connect the port seamlessly to the fast growing metropolitan area, and lowering pollution is a top priority! We are looking forward to the launch of the FlexFueler001 at the end of this year.”

“We are very pleased with the support of Port of Amsterdam. Their trust has enabled us to realise a long-term supply solution for vessels that run on LNG”, said Niels den Nijs CEO of Titan LNG. “LNG as a marine fuel has a great future and provides one of the building blocks of a more sustainable shipping industry.”

The central location in the “America Harbour” was selected to enable the transfer of LNG in various ways. Both trucks and LNG transport vessels can discharge LNG into the FlexFueler making it independent from supply of large-scale terminals to load LNG. The America Harbour is suitable to receive inland and seagoing vessels due to the draft of 9.70 meters alongside the FlexFueler. Normally however seagoing ships will be bunkered concurrent cargo operations alongside using a push boat. LNG is rapidly becoming the fuel of choice for vessel owners and operators. Adoption is accelerating, as it is a cost-effective alternative. LNG is suitable for a wide range of vessel types and sizes. LNG and Bio LNG offer significant environmental benefits. Switching to LNG or Bio LNG completely remove SOx and particles, and reduce NOx emissions by up to 85%. In addition, to these local benefits, LNG and Bio LNG reduce CO2 emissions. The use of LNG as marine fuel also results in compliance with current and forthcoming IMO and EU regulations.

Source : Strategic Research Institute

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voda 5 februari 2018 17:07

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Hyundai Samho Heavy wins USD 200 million deal for LNG carrier

Hyundai Samho Heavy Industries Co. said that it has clinched a deal worth USD 200 million to build a liquefied natural gas carrier for a Japanese firm. The South Korean shipbuilder is set to deliver a carrier that can hold 174,000 cubic meters of LNG to Japanese shipping company NYK Line by 2020.

It marked the first time that Hyundai Samho Heavy Industries has won an order from a Japanese company in 13 years.

This year, Hyundai Samho Heavy Industries, an affiliate of Hyundai Heavy Industries Co., won orders to build seven vessels.

Source : Yonhap

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voda 5 februari 2018 17:11

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Yamal LNG commenced production over 2018-2019

A major milestone for Yamal LNG is now realised with the December announcement of the first cargo of Liquefied Natural Gas (LNG) ready to leave Sabetta. The nameplate capacity of the first train now in production is 5.5 million tons per annum with a further two trains expected to be in production over 2018/2019.

Eilbeck Cranes has supplied a total of eight explosion proof jib cranes each designed to cope with the extreme conditions faced on such a plant operating inside the Arctic Circle. With all cranes now fully installed, commissioned and load tested they are now operational to carry out their designated lifting tasks as required. The Australian made heavy-duty cranes underwent an exhaustive design process to ensure that not only the cranes’ structure but all components were able to operate in the extreme weather conditions.

Yamal LNG has begun the process of developing and liquefying massive natural gas resources on the Yamal and Gydan peninsulas into more than 70 million tonnes of LNG - giving Russia the opportunity to become one of the biggest global LNG exporters.

Source : Strategic Research Institute

voda 8 februari 2018 22:19

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Daewoo Shipbuilding wins USD 370 million deal for 2 LNG carriers

Yonhap quoted Daewoo Shipbuilding & Marine Engineering Co., a leading South Korean shipbuilder, said that it has clinched a deal worth USD 370 million to build two liquefied natural gas carriers for an unidentified shipping company.

The shipbuilder is set to deliver the carriers that can each hold 170,000 cubic meters of LNG to the shipping company in Central America by the first half of 2020.

Daewoo Shipbuilding declined to identify the shipping company.

Source : Yonhap

voda 8 februari 2018 22:28

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Tokyo Gas unit, others to build LNG terminal in Ehime, Japan

Reuters reported that Tokyo Gas Engineering Solutions, a unit of Tokyo Gas, Shikoku Electric Power Co, Sumitomo Chemical, Sumitomo Joint Electric Power Co and Shikoku Gas say they decided to build a liquefied natural gas (LNG) terminal inside Sumitomo Chemical's plant in Ehime prefecture on the island of Shikoku in western Japan.

The companies will build the terminal to supply gas to the chemical maker's Ehime plant and a new gas-fired power plant to be built by Sumitomo Joint Electric Power.

It said that the companies will set up a joint venture for construction and operation of the LNG terminal, with Tokyo Gas Engineering Solutions taking a 50.1 percent stake.

However, LNG terminal will include a 230,000 kilolitre LNG tank that will begin commercial operations in February 2022, with the 150-megawatt Niihama North gas-fired plant to begin operations from July that year.

Source : Reuters

voda 13 februari 2018 20:22

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Petronet LNG net profit surges 33pct in Q3

Petronet LNG Ltd, India's biggest liquefied natural gas importer, reported its highest ever quarterly profit in the three months to December 31 as it processed record gas volumes. Net profit of INR 529 crore in October-December period was 33 per cent higher than INR 397 crore in the same quarter a year ago, Petronet Managing Director Mr Prabhat Singh said.

Mr Singh said that "Third quarter for us has traditionally seen lower volume processing than second quarter. Second quarter has always been the highest volume processing quarter. But in October- December, we processed volumes which were higher than the second quarter."

Petronet processed 223 Trillion British thermal unit of LNG, 2 per cent more than the previous quarter. Its flagship Dahej terminal in Gujarat processed 215 TBtus of imported gas, 15 per cent higher than third quarter of previous fiscal.

The 15 million tonnes a year terminal operated at 113 per cent of its capacity.

Mr Singh said the 5 million tonnes a year Kochi terminal operated at just 12 per cent of the capacity due to lack of pipeline to take the gas to customers. It also processed 12 per cent higher volume at 8 TBtu.

Source : Strategic Research Institute

voda 13 februari 2018 20:27

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Petronet, Japanese co to set up USD 300 million LNG terminal in Sri Lanka - Mr Singh

PTI reported that Petronet LNG Ltd, India s biggest importer of gas, and its Japanese partners will invest USD 300 million to set up Sri Lanka's first liquefied natural gas (LNG) terminal near Colombo, its CEO Mr Prabhat Singh said. The Indo-Japanese partnership will set up a 2.6-2.7 million tonnes a year floating LNG receipt facility off the island's western coast, bigger than the previously envisaged 1.5-2 million tonnes a year facility.

Mr Singh said that Petronet will hold 47.5 per cent stake in the project while Japan's Mitsubishi and Sojitz Corp will take 37.5 per cent stake. The remaining 15 per cent will be held by a Sri Lankan entity.

He said that "We are in the process of signing MoU with the Sri Lankan government for setting up of the LNG terminal. Once the MoU is signed this month, some project related studies will be done before beginning work on the terminal."

Explaining the reasons for setting up a bigger capacity LNG terminal, he said Sri Lanka requires 2.5-3 million tonnes of liquid gas to fire power plants. Besides, there is demand for CNG and smaller industries.

He added that "Commercial details like exact size of the plant and investment will be worked out in the detailed feasibility report to be commissioned after signing of the MoU. Broadly, it would be about USD 300 million investment."

Sri Lankan government had in September last year issued a Letter of Intent to the company to build a floating LNG import facility to supply gas to power plants and the transport sector in the island nation.

The import terminal is to be set up at Kerawalapitiya on the west coast.

Sri Lanka has plans to build a 300-mw gas-fired power plant in Kerawalapitiya adjoining an existing power plant. The existing plant, which uses oil to generate power, will also be converted to LNG once the terminal is set up and gas imports start.

LNG has become significantly cheaper in the last year and many countries have started switching their power plants to LNG.

The LNG terminal, which will import super cooled natural gas in ships, will take 2-3 years to build, the top executive said.

The terminal in Sri Lanka is part of Petronet s vision to own 30 mt per annum of LNG import and re gasification capacity by 2020.

Source : PTI

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voda 15 februari 2018 21:06

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The Awilco LNG optimistic on LNG shipping market’s prospects

The Awilco LNG Group (Awilco LNG or the Group) reported net freight income of MUSD 7.3 (MUSD 4.4 in Q3 2017) and EBITDA of MUSD 4.2 (MUSD 1.2 in Q3 2017). Freight income for the quarter was MUSD 9.6, up from MUSD 5.7 in Q3 2017, due to the improving market fundamentals. Fleet utilisation for the quarter ended at 83 %, compared to 88 % in Q3 2017. Both vessels have been operating in the spot market in 2017. Voyage related expenses amounted to MUSD 2.3, compared to MUSD 1.3 in Q3 2017. Operating expenses were MUSD 1.9 in the quarter, down from MUSD 2.2 in the previous quarter, due to variations in purchasing of spares, stores and consumables. Administration expenses were MUSD 1.2 in Q4, up from MUSD 0.9 in Q3 2017, due to timing of expenses and provisions year-end. EBITDA for the quarter was MUSD 4.2 (MUSD 1.2 Q3 2017). Depreciation for the quarter was MUSD 3.2, same as in Q3 2017. Net financial items were MUSD (5.5), down from MUSD (4.8) in the previous quarter due to foreign exchange gains in the previous quarter. Interest expenses on the WilForce and WilPride financial leases amounted to MUSD 5.5, same as in Q3 2017. Loss for the period was MUSD 4.5, compared to MUSD 6.8 in Q3 2017.

Income statement full year 2017
Freight income for the year amounted to MUSD 20.4, compared to MUSD 34.8 in 2016. The decrease reflects both the weak market rates in the first half of 2017, and the redelivery of WilForce from a threeyear TC in December 2016. Fleet utilisation for the Company ended at 74 %, compared to 79 % in 2016. Voyage related expenses increased to MUSD 6.9 in 2017, from MUSD 2.8 in 2016, due to both vessels being employed in the spot market in 2017. Operating expenses for the year were MUSD 7.9, compared to MUSD 8.7 in 2016. Operating expenses in 2016 included MUSD 1.0 from two vessels which were disposed in August 2016. Administration expenses amounted to MUSD 3.9 in 2017 (MUSD 3.5 in 2016). Full year EBITDA was MUSD 1.7, compared to MUSD 19.8 in 2016. Depreciation for the period was MUSD 12.3 (MUSD 12.9 in 2016). Net finance income/(expense) was MUSD (21.2) compared to MUSD (23.2) in 2016. Loss before tax and for the period was MUSD 31.8, compared to MUSD 22.8 in 2016.

Statement of financial position
Book value of vessels was MUSD 363.9 as at 31 December 2017 (MUSD 366.3 Q3 2017). The decrease reflects ordinary depreciation during the quarter, offset by minor vessel upgrades. Total current assets were MUSD 35.7 as at 31 December 2017 (MUSD 35.9 Q3 2017), of which cash and cash equivalents were MUSD 29.0 (MUSD 30.4 Q3 2017). Total equity as at 31 December 2017 was MUSD 127.0. Total current liabilities were MUSD 6.4 as at 31 December 2017 (MUSD 3.5 Q3 2017). MUSD 2.7 of the current liabilities relates to the short term portion of the WilForce and WilPride financial leases (MUSD 1.5 as at 30 September 2017). Total non-current liabilities were MUSD 266.2 as at 31 December 2017 (MUSD 267.2 Q3 2017), of which the long-term portion of the WilForce and WilPride financial leases was MUSD 263.9 (MUSD 264.9 Q3 2017).

OUTLOOK
Following a rebound in Q3 2017, the market recovery was firmly established in Q4 2017. Headline rates in Q4 moved beyond USD 80,000 per day for the first time since Q1 2014, before coming off somewhat in Q1 2018, reflecting normal seasonal patterns. The long-term outlook for LNG shipping remains promising.

Newbuilding activity was low in 2017 and 2016, and new orders placed today will not be delivered until the second half of 2020. Although the orderbook of 95 vessels represents over 20 % of the LNGC fleet, 88 MTPA of new LNG production scheduled to come on stream from 2018 to 2021 is expected to require more vessels than the current available tonnage and orderbook. Still, periods of volatility and seasonality should be expected. Following the comprehensive refinancing completed in 2017, Awilco LNG is fully financed until 2020 and is well positioned for the improving market.

Source : Strategic Research Institute

voda 21 februari 2018 20:29

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Less fuel oil and more LNG bunkered in 2017 - Port of Rotterdam

In 2017, the sale of bunker oil – fuel for shipping – in the Rotterdam bunker port diminished from 10.1 million m3 to 9.9 million m3. Most bunkers contain fuel oil, in 2017, 8.3 million m3. The throughput of bunkered liquefied natural gas (LNG) – liquefied natural gas – increased from less than 100 tonnes to 1500 tonnes.

ECA
According to market parties, approximately 1 to 1.5 million m3 of bunkered fuel oil consists of so-called ‘ultra-low sulfur fuel oil’ with a sulfur content lower than 0.1% (ULFSO). Ultra-low sulfur fuel oil has been used since 2015. At that time, the permissible sulfur content in fuel oil went from 1.0 to 0.1% in the ECAs (emission control areas) of the North Sea, the Baltic Sea and the coasts along the United States. The sales of these new products are not yet specifically reflected in the figures of the port of Rotterdam.

LNG
The increase in LNG bunkers was mainly due to the Wes Amelie, the world’s first container ship that was converted to LNG propulsion. The vessel regularly bunkers at the City Terminal at the Prins Willem Alexanderhaven. Last year, Shell also put the ocean-going vessel Cardissa into use. The vessel, which has Rotterdam as its work location, will supply customers throughout Europe with LNG from the Gate terminal in Rotterdam. The commissioning of the Cardissa is an enormous step in the transition from fuel oil to LNG as fuel for shipping and is in line with the policy of the Port Authority which focuses on this.

Source : Strategic Research Institute

voda 23 februari 2018 15:49

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LNG Shipping - GasLog positive about long term prospects, despite 2018 seasonality

LNG ship owner GasLog remains optimistic about the sector’s long term prospects, although it warned investors that 2018 is expected to exhibit signs of seasonality in the spot market. In its latest market outlook, GasLog said that “the fourth quarter of 2017 witnessed the start-up of Chevron’s Wheatstone LNG project in Australia, Novatek’s Yamal Train 1 in Russia, and Dominion’s Cove Point project in the United States, building on the momentum in the expansion of global liquefaction capacity seen throughout 2017. In total, over 30 million tonnes per annum (“mtpa”) of new nameplate capacity came online in 2017, an increase of 11% over 2016. Looking ahead, Ichthys, Wheatstone Train 2, Cameroon LNG, Elba Island, Prelude and Yamal Train 2 are expected to begin production this year adding a further approximately 25 mtpa of nameplate capacity, a projected increase of 9% over 2017”.

According to GasLog, “further out, the long-term outlook for the LNG market remains positive as witnessed by Cheniere’s recent sale and purchase agreements with Trafigura under which it agreed to supply 1 mtpa of LNG over 15 years beginning in 2019 and with CNPC under which it agreed to supply 1.2 mtpa of LNG for up to 25 years commencing in 2018. Tohoku Electric has contracted to purchase 0.2 mtpa from Area 1 in Mozambique. While only one FID was made last year (ENI’s 3.4 mtpa Coral FLNG), various sources project a shortfall of LNG by between 2021 and 2023, implying the need for additional project sanctions over the next 1-3 years”.

The shipowner added that “demand for LNG in 2017 was stronger than expected, growing an estimated 12% over 2016. More specifically, Chinese demand grew by 44% year-on-year, overtaking South Korea as the world’s second largest consumer of LNG as the country seeks to introduce more natural gas into its energy mix. Elsewhere in Asia, demand from Japan remained steady while South Korea and Taiwan grew 10% and 14%, respectively. Strong seasonal demand from Asia drove spot LNG prices to over $11/million British thermal units (“mmbtu”) in early 2018 widening the west-east arbitrage window for sending Atlantic Basin LNG into Asia, expanding tonne miles and driving incremental demand for LNG shipping capacity”.

Meanwhile, “in the LNG shipping spot market, tri-fuel diesel electric (“TFDE”) headline rates, as reported by Clarksons, rose through the end of the fourth quarter, reaching a peak of $82,000 per day in late December, an increase of 82% from the same time in 2016. While headline rates have fallen in recent weeks to approximately $73,000 per day, this improvement in rates, combined with only ten newbuild orders last year, gives us confidence in the sustainability of the current market recovery. While we expect there to be seasonality in both LNG prices and LNG shipping spot rates during 2018, the longer-term outlook for LNG shipping day rates remains positive, the shipowner noted.

Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide

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voda 23 februari 2018 15:50

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World’s first LNG-fuelled bulk carrier delivered

Hyundai Mipo Dockyard (HMD) and ILSHIN LOGISTICS have successfully delivered the world’s first LNG-fuelled bulk carrier under the dual-class of Lloyd’s Register (LR) and Korean Register. The 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fuelled bulk carriers.

The ship has a Type ‘C’ LNG fuel tank with a capacity of 500m³, made of austenitic high manganese steel and located on the aft mooring deck. The material, newly developed by POSCO, has a high manganese content (approximately 26%) and is specially designed for cryogenic LNG and liquefied gas storage applications. The properties and characteristics of the high-manganese steel, as well as the required welding technology and fuel tank design, have been proven suitable for cryogenics with the support, certification and approval of LR.

LR undertook a comprehensive approach in supporting POSCO and ILSHIN LOGISTICS by providing certification of High Manganese Steel Welding Consumables, Welding Procedure Approval and Material Approval after concluding extensive development and testing. LR certification was officially issued in July 2017.

JT Lee, LR’s Chief Representative & Marine Manager for Korea, commented: “I am very excited and proud to see the successful delivery of the world’s first 50,000 dwt LNG-fuelled bulk carrier with contribution from LR for the certification and approval. This outstanding achievement is also attributed to a concerted effort between industry partners, with their pioneering spirit and tenacity. The successful delivery of the vessel should be a significant indication to the market of a reasonable and solid solution to the preparation for emission compliant eco-friendly designs.”

Source : Strategic Research Institute

Bijlage:

voda 26 februari 2018 16:10

0

Royal Dutch Shell voorziet tekort LNG
Japan in 2017 de grootste LNG-importeur, gevolgd door China en Zuid-Korea.

(ABM FN-Dow Jones)Royal Dutch Shell voorziet mogelijk tekorten in de LNG-aanvoer als gevolg van de wereldwijde stijging van de vraag naar het vloeibaar aardgas. Dit meldde de Brits-Nederlandse energiereus maandag.

"De wereldwijde markt voor vloeibaar aardgas (LNG) blijft de verwachtingen van veel marktvolgers overtreffen, waarbij de vraag in 2017 met 29 miljoen ton toenam tot 293 miljoen ton", meldde de energiereus. "Op basis van de huidige vraagprognoses voorziet Shell dat er mogelijk in het midden van 2020 een tekort in het aanbod zal ontstaan, tenzij er binnenkort nieuwe LNG-projecten worden aangegaan", aldus Shell.

Japan was in 2017 de grootste LNG-importeur, gevolgd door China en Zuid-Korea.

Het aandeel Royal Dutch Shell noteerde maandag 0,4 procent hoger 25,95 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

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