GasLog calls shareholders’ meeting
GasLog Ltd has called a special general meeting of shareholders for 4th June, 2021. This meeting will consider and vote on the proposal to approve - i) The previously announced merger by and among GasLog, GEPIF III Crown Bidco, a Cayman Islands exempted company, and GEPIF III Crown MergerCo Limited, a Bermuda exempted company, by which Merger Sub will merge with and into GasLog, which will be the surviving company in the merger. ii) The Merger Agreement iii) The statutory merger agreement contemplated by the Merger Agreement. Those holders of record of GasLog’s common shares and 8.75% Series A cumulative redeemable perpetual preference shares on 30th April, 2021 will be entitled to attend and vote.
FERC clarifies rule limiting construction activities
On 4th May, the US Federal Energy Regulatory Commission (FERC) issued an order prohibiting authorisations to proceed with construction for pipeline or LNG terminal facilities. According to US law firm Sidley Austin, this order is invoked if a timely request for rehearing of a certificate order that has been filed specifically opposing project construction, operation, or need until 1) The request is no longer pending before FERC. 2) The record of the proceeding has been filed with the court of appeals. 3) 90 days have passed after the date that the request for rehearsing may be deemed to have been denied under the US Natural Gas Act’s (NGA) rehearing provisions. This replaces the rule that had prohibited authorisations to proceed with construction until FERC had acted on the merits of any timely request for rehearing. The new regulations take effect 30 days after date of publication in the US Federal Register, which last week, had yet to occur. It is anticipated that pipeline sector participants will appeal the final rule, the law firm said.
US receives largest LNGC
The largest LNGC to load in the US sailed from Cheniere Energy's Sabine Pass export terminal on 29th April. The 263,000 cu m ‘MOL FSRU Challenger’ was recently in the Gulf of Mexico and was heading to China, according to data from cFlow, Platts' trade-flow software. She has just finished a charter as an FSRU for Botas in Turkey and is due to go on charter to Hong Kong LNG again as an FSRU for a new power project.
EXMAR to market FSRU S188
EXMAR has confirmed that it is to start circulating its FSRU S188 for charter. The unit was originally chartered to Gunvor but the trading house issued an early charter termination notice, which has been the subject of arbitration proceedings. EXMAR said that it had received a termination fee equal to two years hire as a result of the early ending of the charter.
Deliveries, orders and recyclings
Greece-based Alpha Gas is to take delivery of another LNGC. The 173,400 cu m ‘Energy Integrity’ will be the fourth LNGC to join Alpha Gas’ fleet. She recently returned to Daewoo Shipbuilding and Marine Engineering’s (DSME) yard in Okpo after completing gas trials, according to AIS data. Anna Angelicoussis controlled Alpha Gas, has four sisterships on order at DSME and expects to take delivery of the two remaining LNGC newbuilds by the second quarter of this year. They are all fitted with MAN B&W ME-GI engines, a reliquefication system, and GTT’s NO96 cargo containment system. Korea Shipbuilding & Offshore Engineering (KSOE) said last week that it had signed a Won209.9 bill deal to build an LNGC. She was ordered by an undisclosed European-based company. Hyundai Samho Heavy Industries, a unit of KSOE, will build the vessel by October, 2023, KSOE said in a regulatory filing. Brokers have reported the sale of the 1980-built 126,530 cu m ‘Caribbean Energy’ for recycling in Bangladesh for $640 per ldt. As the ‘Lousiana’, she was one of a series of pioneering steam turbine LNGCs built in the US in the late 1970s- early 1980s for Lachmar Shipping. She has been laid up in the Labuan area for around six years.
Maintenance shutdowns confirmed
Chevron has started to repair the heat exchangers at the third Gorgon LNG train in Australia. CFO, Pierre Breber said last week during the company’s quarterly earnings call that it had started repair work and maintenance at the third train. “We expect that to be completed by the end of this quarter. And then, we’d be operating all three trains in the second half of the year,” Breber told analysts during the call. He added that Chevron expected turnarounds and downtime, mainly related to the third train, to reduce its production by 90,000 barrels of oil equivalent per day in the second quarter of this year. In the UK, the Milford Haven Drasgon LNG receiving terminal is to close for 26 days for maintenance. The shutdown is planned to start on 17th May and will enable Dragon to carry out maintenance and inspection and make small improvements in a safe and controlled manner, the company said. Dragon has started preparations for the shutdown and has also been working with the Welsh Government, Public Health Wales, Pembrokeshire County Council TTP team and UK Government to align the Covid-19 controls it already has in place in preparation for additional workforce.