Höegh merger approved
Last week, Höegh LNG Holdings announced that at a special meeting, the common unitholders of Höegh LNG Partners voted to approve the Agreement and Plan of Merger, dated 25th May 2022. Under the agreement, Höegh LNG agreed to acquire all of the outstanding common units of the Partnership (other than those held by Höegh LNG) for $9.25 per unit in cash. The consideration to be paid by Höegh LNG will be funded in full through an equity capital contribution from the company’s sole shareholder. The merger was due to close on or about 23rd September, 2022.
South Korean gas sensing system trial
South Korea’s SK Telecom (SKT) is to lead the country’s first project to demonstrate a quantum-based gas sensing system. This can detect gas leaks in real time at major LNG terminals, using a single photon detector with an ultra-sensitive sensitivity that can detect even a small amount of light, the company said. SKT has signed a memorandum of understanding (MoU) with Boryeong LNG Terminal and Quantum Sensing, a South Korean optical instrument manufacturer, to install a gas sensing system next year in an LNG storage tank located in Boryeong, some 130 km southwest of Seoul. SKT will supply the key components and deliver the equipment in collaboration with Quantum Sensing.
Grindal to step up at Cheniere
Cheniere Energy has promoted Corey Grindal to Executive Vice President and COO, effective 2nd January, 2023. In his new role, Grindal will lead the operations, engineering and construction, shared services and worldwide trading organisations within Cheniere. He will continue to report to President and CEO, Jack Fusco. In addition, he will serve as Executive Vice President and COO of Cheniere Partners. Grindal will relocate back to Houston, Texas from London, where he served as Executive Vice President, Worldwide Trading since 2020. He joined Cheniere in 2013 and led the gas supply organisation, which today is one of the largest holders of pipeline capacity and purchasers of natural gas in the US.
DSME to offer Techross systems
Ballast water management system (BWMS) manufacturer Techcross has signed a technology transfer agreement with Daewoo Shipbuilding & Marine Engineering (DSME) for its LNGC's valve remote control system (VRCS) patent. The patent guarantees the technology will perform even at an extreme temperature of minus 52 deg C. It was fitted to the world's first icebreaking LNGC built by DSME. For ease of use, based on the BWMS, Techcross also expanded its service to tank level gauging system (TLGS) and VRCS, as well as the integrated BWMS, TLGS, VRCS (IBTV), a platform that controls all of the systems. Through this agreement, Techcross will be able to further upgrade its LNGC VRCS technology, the company said.
‘Prelude’ back online
LNG cargo loadings have restarted at the FLNG ‘Prelude’ unit in the Browse basin offshore Western Australia. This follows a shutdown of more than six weeks, due to industrial action. Shipments follow the cancellation of protected industrial action after an in-principle enterprise agreement was reached with the Australian Workers' Union and Electrical Trades Union in relation to ‘Prelude dispute on 23rd August, Shell has advised. The enterprise agreement was supported by the majority of employees in a formal vote and is expected to come into effect in early October. "We are focused on moving forward as a business and delivering affordable, reliable energy to our customers through continued safe, stable production in order to meet the critical global demand for energy security," Shell said.
Ships - Newbuildings and sales
Brokers have reported that Daewoo (DSME) has won orders for eight LNGCs on behalf of a consortium, involving MISC, Meiji Shipping and TMS Cardiff Gas. It was thought that the 174,000 cu m ships, costing around $212 mill each, were contracted on the back of QatarEnergy charters. DSME confirmed last week that it had received orders for two LNGCs from a company based in Oceania for a total of Won595.9 bill. It is not yet clear whether this order was part of the eight. They are to be delivered by the third quarter of 2026. China Merchants Energy Shipping (CMES) has exercised options to build another two LNGCs at Dalian Shipbuilding Industry (DSIC) and signed a letter of intent (LoI) for another four. CMES said the LNGCs would cost around $200 mill each and would enter service in the second half of 2026. The LoI includes two firm vessels for delivery in or before the second half of 2026, with an option for another pair with deliveries in the second half of 2026 and the first quarter of 2027. In the sales sector, brokers also reported that the 136,135 cu m LNGC ‘Trader’ had been committed to undisclosed interests for $33 mill. Her Special Survey is due in November of this year. Indonesian-based PT Golden Prima Maritim (GPM) has acquired the ‘Methane Shirley Elisabeth’ for $53.75 mill from Gas Twenty Ltd (GTL), Singapore. Anastasia Xenia, PT Silo Maritime Perdana Tbk (SHIP) corporate Secretary, the parent company of GPM, confirmed that the LNGC is currently in Singapore waters. “The market value of said property reportedly reached $51.91 mill in 31st May, 2022,” she claimed in an information disclosure quoted on 15th September.