LNGC builder, Daewoo Shipbuilding and Marine Engineering (DSME) is soon to face a critical deadline in its fight to stay solvent.
On 12th March, Nakilat held its AGM and an EGM to address its financial year 2016.
GasLog Ltd is to offer $250 mill aggregate principal amount of senior unsecured notes due 2024 in a public offering.
MAN PrimeServ, the after-sales division of MAN Diesel & Turbo (MDT), has signed a maintenance contract with Teekay for three LNGCs.
Daewoo Shipbuilding & Marine Engineering has received an order to build two LNGCs for an undisclosed Marshall Islands-based shipowner, believed to be connected with John Fredriksen’s Flex LNG.
South Korean shipbuilder Hyundai Heavy Industries (HHI) has received an order to build an LNGC, according to the Yonhap News Agency.
Qatargas, has signed a side agreement to the existing Sale and Purchase Agreement (SPA) with Polish Oil and Gas Co (PGNiG).
The US is forecast to become a net exporter of natural gas on an average annual basis by 2018, according to Energy Information Administration’s (EIA) Annual Energy Outlook 2017 (AEO2017).
Daewoo Shipbuilding & Marine Engineering (DSME) has confirmed that it has won a patent case in China, which is related to its core technology for LNG-fuelled ships.
By 2020, the size of global LNG trade is projected to grow by 50%, compared to volumes recorded in 2014.
Golar LNG Limited has reported a net income improvement from a loss of $23.9 mill in third quarter of last year to a loss of $13.7 mill in the fourth quarter.
Flex LNG raised NOK833 mill (around $100 mill) in a private placement last month.
Mitsui OSK Lines (MOL) is to restructure its business streams from 1st April this year.
Petronet LNG, India’s largest LNG gas importer, has bought a 26% stake in the shipping consortium that operates its largest LNGC, local sources said.
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.