In this issue

 

Daewoo Shipbuilding & Marine Engineering (DSME) has developed a cargo containment system - DSC16.
LNG vessel shipowners will have to wait until 2018 for earnings to improve, a recent report said.
Samsung has launched the hull of PETRONAS second FLNG - PETRONAS Floating LNG2 (PFLNG2).
Thursday, 12 May 2016
Golar has reacted to what it sees as LNG shipping’s rapid transformation by changing its top management with immediate effect.
Thursday, 12 May 2016
During the revamp of the US National Defense Authorisation Act, the House Armed Services Committee voted to include language that will facilitate the shipment of US LNG to Europe and…
China's largest LNG importer CNOOC has started to build two storage tanks at a receiving terminal in Fujian province, the official Xinhua news agency recently reported.
Mitsui OSK Lines (MOL) has teamed up with PT Pelindo Energi Logistik (PEL) to launch a joint operation involving the 2000-built 23,000 cu m LNGC ‘Triputra’.
Thursday, 12 May 2016
GasLog and its subsidiaries reported a loss of $5.3 mill for the first quarter of this year, compared with a $13.9 mill profit 1Q15.
Meanwhile, sister company GasLog Partners has declared cash distribution of $0.478 per unit for 1Q16, 10% higher than 1Q15 and unchanged from 4Q15.
At GasLog Limited’s First Quarter 2016 results conference call, CEO Paul Wogan said that LNG shipping markets remain challenging.
Thursday, 12 May 2016
The $27 bill Yamal LNG project has secured financing from two Chinese banks worth a total of $12.1 bill.
The Oil Companies International Marine Forum (OCIMF) is updating its Mooring Equipment Guidelines (MEG), to take into account findings from a serious incident on board the Q-MAX LNGC ‘Zarga’.
Alleged delays to the conversion of an LNGC into an FSU are being blamed on missing a deadline for the start up of Malta’s Delimara LNG power plant being built…
Flex LNG has amended terms with Metrogas Holdings to extend a working capital loan, which was signed in 2014.

News Nudges

Ferrol receives first Corpus Christi gas cargo

Ferrol’s Reganosa’s receiving terminal recently welcomed its inaugural LNG cargo from Corpus Christi, Texas, which was also the first to be delivered from the Texas plant to a Spanish receiving terminal. The gas, a Trafigura cargo, was shipped on the LNGC ‘Excalibur’. Corpus Christi is the third largest US LNG export facility and began operations last December.


‘Prelude’ exports first cargo

On Monday, Shell shipped the first LNG cargo from the delayed FLNG ‘Prelude’ moored off northwest Australia. “Today’s (Monday’s) first shipment of LNG departed from ‘Prelude’ FLNG, safely,” Shell’s integrated gas and new energies director, Maarten Wetselaar, said in a statement. The cargo was shipped on the LNGC ‘Valencia Knutsen’ to Asian customers, Shell said, without giving any other details. “How fast ‘Prelude’ delivers its second and third cargo and ramps up to plateau output will be a key indicator of success,” said Daniel Toleman, an analyst at Wood Mackenzie, talking with Reuters.


Board changes at Teekay LNG Partners

Teekay GP LLC, the general partner of Teekay LNG Partners, has announced changes to its Board. Effective immediately, Alan Semple, David Schellenberg, Richard Paterson, and Sylvia Barnes have joined the Board, and director Kenneth Hvid, became Chairman. Hvid is also the President and CEO of Teekay Corp, which owns the company. “Alan, David, Richard, and Sylvia bring a wealth of operational and financial expertise to Teekay LNG Partners,” Hvid said. “We are very pleased that they have all agreed to join the Board, and we look forward to their contributions, as we continue to execute on Teekay LNG’s strategy in the years to come.” In connection with these new appointments, Ida Jane Hinkley, Joseph McKechnie and Beverlee Park, have stepped down.


‘‘WilForce’ damaged in collision

On 30th May 30, 2019, Awilco LNG reported that the LNGC ‘WilForce’ was struck by another vessel off Singapore. No crew injuries or spills were reported. The vessel has arrived at a Singapore shipyard for class inspection and hull repairs. It was unclear how long the vessel will be offhire, the company said. The vessel has full insurance cover for repair expenses and loss of hire, subject to deductibles. Based on a preliminary assessment, Awilco holds the other vessel fully and completely liable for the collision, and the company expected to recover all costs, losses and expenses including deductibles in due course, it said.


Market News

Awilco has secured an eight-month timecharter from an undisclosed oil and gas major for the 2013-built 156,000 cu m LNGC ‘WilPride’. The charter is scheduled to commence next month and will contribute an annualised EBITDA of about $23 mill during the charter period, the company said. Meanwhile, newbuildings continued to be reported. Samsung has confirmed that it had received an order for two LNGCs worth $380 mill in total from a Bermudan company. They are to be delivered by the end of 2022. Later reports suggested that Flex LNG was behind the order. Maran Gas Maritime has ordered another LNGC at Daewoo. The 174,000 cu m LNGC is the fifth ordered at DSME and is due for delivery by the first half of 2022.