With more than 1.7 bill people, the Indian sub-continent countries face massive power deficits.
In its first quarter 2017 earnings report, GasLog took a look at the markets.
The number of LNGCs transiting the Panama Canal could average one per day by 2021.
Cheniere Energy has reported first quarter 2017 revenue of $1.1 bill, while consolidated adjusted EBITDA was $483 mill.
Late last month, the US Department of Energy (DoE) announced that it had signed an order authorising Golden Pass Products to export domestically produced LNG to countries that do not have a free trade agreement (FTA) with the US.
John Fredriksen’s Flex LNG is attempting to finance the purchase of two MEGI LNGCs currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME).
ENGIE and the AES Corp are to enter into a joint venture to market and sell LNG to third parties in Central America.
GasLog and its subsidiaries have announced revenues of $128.3 mill, a profit of $23.4 mill and earnings per share of $0.08, for the first quarter of this year.
Gas carrier owner and manager Exmar has reported a loss after tax of $4.1 mill for the first quarter of this year, compared with a profit of $9.3 mill in 1Q16 on a turnover of $21.5 mill, compared with $25.5 mill in the same period the year before.
Awilco LNG suffered a loss of $10.4 mill in the first quarter of this year, compared to a loss of $2.5 mill in 4Q16.
Gas carrier, tanker and offshore owner, MISC Bhd, recorded a 18% rise in net profit for its first quarter of 2017, as revenue expanded 25%.
RasGas delivered its 2,000th cargo of LNG to Korea Gas Corp (KOGAS) on 25th April, 2017.
TMC Compressors (TMC) has won a contract from Hyundai Heavy Industries to supply a complete marine compressed air system to a newbuilding FSRU building for Höegh LNG.
Marine loading arm manufacturer, Woodfield Systems, is now under new ownership following a management buyout (MBO) by four of its senior management team.
Applications to export US LNG
The US Department of Energy (DoE) has received two applications to export LNG. One application was received from Freeport LNG Development for authorisation to export previously imported LNG on a short-term basis. The second application concerned Dominion Cove Point LNG, who asked for authorisation to export previously imported LNG on a short-term basis. Comments must be received by 12th May, the DoE said.
Three elderly LNGCs sold
Broking sources have reported the sale of 1978-1979- built LNGCs ‘LNG Leo’, ‘LNG Gemini’ and ‘LNG Virgo’, to Sinokor. They are of 126,750 cu m capacity and are fitted with GE turbines. No price indication was given.
Höegh takes delivery of another FSRU
Höegh LNG took delivery of its latest FSRU newbuilding, the 170,000 cu m ’Höegh Giant’, on 27th April. The FSRU was built by the South Korean shipbuilder, Hyundai Heavy Industries and will be moored at the Tema LNG Project in Ghana under a 20-year charter contract with Quantum Power (QP), who also has a further five year option period. Start-up is expected in the middle of next year. Höegh LNG has three more FSRUs under construction, which are scheduled for delivery in the first and fourth quarters of 2018, and the second quarter of 2019, respectively. “We have 10 FSRUs in operation or under construction, and intend to continue growing by winning more contracts and adding to our newbuilding programme, while seamlessly starting up commercial operations in new locations. Our ambition is to remain the market leader in the FSRU industry,” Sveinung Støhle, President and CEO, said.
GasLog extends charter - drops down another LNGC
On 28th April, 2017, GasLog signed an amendment to the ‘GasLog Skagen’ seasonal timecharter agreement, by which the seasonal charter was replaced by a continuous timecharter for 2.4 years, due to end in August, 2019. The amended charter will cover the same number of fixed days as the previous seasonal charter and will eliminate redelivery risks at the beginning and end of each seasonal period. In addition, the amended charter will provide assurance of revenue through August, 2019. In addition, GasLog has confirmed that GasLog Partners has completed the acquisition of 100% of the shares in the entity that owns and charters the 174,000 cu m, tri-fuel LNGC ‘GasLog Greece’. She has been operated by GasLog since her delivery in 2016 and is currently on a long-term timecharter with a wholly owned subsidiary of Royal Dutch Shell through March, 2026. Shell has the option to extend this charter by an additional five years.