In this issue

 

Thursday, 12 April 2018
Nippon Yusen Kaisha’s (NYK) new LNGC was named ‘Marvel Falcon’ at Samsung Heavy Industries’ (SHI) Geoje Shipyard on 29th March, 2018.
Thursday, 29 March 2018
The long term LNGC charter market looks bright, however this year could see a bumpy ride on the spot market, Paris-based broker and consultant, Barry Rogliano Salles (BRS), said in…
Earlier this year, Summit Power International’s (SPI) subsidiary Summit signed a memorandum of understanding (MOU) with Mitsubishi and its subsidiary Diamond Gas International to develop an integrated LNG power project…
Thursday, 29 March 2018
US exports of LNG reached 1.94 bill cu ft per day last year, up from 0.5 bill cu ft in 2016. 
Qatar Petroleum expects to begin LNG production from its North Field expansion project by the end of 2023, which once on stream, will boost Qatar’s exports to 100 mill tonnes…
Thursday, 29 March 2018
GasLog Partners confirmed that it had entered into agreements with a new customer for two new charters, plus options for another two charters.
Thursday, 29 March 2018
Malaysian energy giant Petronas has signed a contract with Tokyo Gas to supply LNG cargoes for up to 13 years.
Bangladesh is expected to receive its first LNG cargo from Qatar on board the FSRU ‘Moheshkhali LNG’ on 23rd April, Nazimuddin Chowdhury, secretary in the country’s Energy and Mineral Resources…
GasLog Partners plans to purchase from GasLog 100% of the shares in the entity that owns and charters the 174,000 cu m ‘GasLog Gibraltar’ for $207 mill.The acquisition is expected…
Thursday, 29 March 2018
There were rumours that Northwest Shelf consortium was looking to sell all or some of the seven LNGCs.
ExxonMobil is working with Pakistani businesses on a project to build and supply the country’s third LNG import terminal, according to the country’s Minister for Maritime Affairs, Mir Hasil Khan…
Wärtsilä subsidiary Eniram, has launched Eniram Mobile to offer real-time decision-making support via mobile notifications.Eniram Mobile, which was co-developed together with Royal Caribbean Cruises, ensures that key personnel receive important…
Novatek Gas and Power Asia Pte Ltd, has shipped the first LNG cargo from Yamal to India, parent company, PAO Novatek has confirmed.
GTT has received an order from Hyundai Samho Heavy Industries (HSHI) to design the LNG tanks for two new 174,000 cu m LNGCs and from Samsung for an 180,000 cu…

News Nudges

Japanese insurers hike LNGC premiums

Japanese non-life insurance companies have raised premiums for LNGCs operating in Russian territorial waters by about 80%. This move was in response to overseas reinsurers, which shoulder part of the insurance benefit payments, increasing their reinsurance premiums amid heightened geopolitical risks, due to Russia's invasion of Ukraine. As a result, shipping companies were likely to pass on the higher transportation costs, which could put upward pressure on natural gas prices.


Pakistan LNG cargo halted

Italian energy major Eni’s delivery of an LNG cargo to Pakistan LNG, scheduled for February, was disrupted, due to a declaration of force majeure. Eni has a 15-year agreement to supply Pakistan LNG with one cargo per month from 2017 to 2032. "February LNG delivery disruption is beyond the reasonable control of Eni and due to an event of force majeure. Eni does not benefit in any way from the situation," the company said in a statement to Reuters. "All the previous disruptions in LNG delivery suffered by Eni have been caused by the LNG supplier who didn't fulfil the agreed obligations. Also in these cases, Eni did not take advantage or benefit in any way from these defaults and applied all contractual provisions to manage such disruptions," the company added.


GTA’s FPSO heads for West Africa

bp-operated Greater Tortue Ahmeyim (GTA) LNG project’s FPSO sailed from the COSCO shipyard in Qidong, China on 20th January, following sea trials. The unit has been under construction in China for three and a half years and is now on her way to her site about 40 km off the West Africa’s Mauritanian and Senegalese border via Singapore. bp said that the FPSO is a key part of the major integrated GTA project that also includes the development of gas fields and near-shore FLNG facilities. GTA’s first phase is set to produce around 2.3 mill tonnes of LNG per year. The FPSO will process natural gas - removing condensate, water, and other impurities - before exporting it by pipeline to the project’s FLNG facilities, 10 km offshore. With eight processing and production modules, the FPSO will process around 500 mill cu ft of gas per day. Most of the gas will be liquefied by the FLNG, enabling export to international markets, while some will be allocated to help meet growing demand in the two countries. Condensate will be transferred from the FPSO to shuttle tankers for export.


OSM and Thome to join forces

Third party shipmanagement companies and crewing service providers, OSM Maritime Group and Thome Group, are to merge. By joining forces, the companies will be building an even stronger platform on which they will continue to deliver shipmanagement services to their customers and continue to improve. The combined company will be named OSM Thome. Both have LNGC interests in technical shipmanagement and in crewing services. The finalisation of the merger is conditional upon approval from competition authorities, which is anticipated during the first quarter of 2023. Until the merger has been formally approved, the two companies will operate as before, with separate management and organisations. OSM Maritime’s CEO, Finn Amund Norbye, will assume the role as CEO for the merged company, while Thome’s CEO, Olav Nortun, will take up the position of COO for the consolidated shipmanagement activities. OSM founder, Bjørn Tore Larsen will become Chairman of the new Board and Thome’s Claes Eek Thorstensen will take on the role of Vice Chairman.


Ships - newbuildings, deliveries and charters

New LNGC orders are continuing to be announced on a regular basis. Among the latest contracts reported was Samsung Heavy Industries’ Won609.7 bill ($495 mill) order to build two LNGCs for an Oceania interest. These vessels will be delivered by mid-January 2027. Earlier, Hyundai Samho Heavy Industries (HSHI) had announced an order for two LNGCs for about just over $250 mill each in a KSOE filing. HSHI aims to deliver the ships to the undisclosed shipowner, thought to be Capital Gas, by November 2026. This order comes just hard on heels of an HHI order to build three 180,000 cu m LNGCs tied to Dynagas, the first LNGC order this year. Elsewhere, MISC has taken delivery of two of its latest series of LNGCs. The 174,000 cu m ‘Seri Damai’ and ‘Seri Daya’ are equipped with sustainable technologies and were built by Samsung Heavy Industries (SHI). Upon their delivery, they will enter into a long-term charter to ExxonMobil’s wholly-owned subsidiary, SeaRiver Maritime (SRM) and will be managed by Eaglestar Shipmanagenent. In the charter market, brokers reported the relet fixture of the 160,000 cu m, 2014-built LNGC ‘Cool Runner’. She was said to have been fixed to bp for 12 months at $140,000 per day. Also reported was the charter of the 180,000 cu m Indian controlled FSRU ‘Vasant 1’, which was believed to have been taken by Botas for 12 months at $350,000 per day for operation at Saros Bay. According to AIS, the vessel is already in the Eastern Mediterranean having loaded an LNG cargo at Ikdu. Meanwhile, Maltese law firm, Fenech & Fenech Marine Services, has assisted with the re-flagging of four 174,000 cu m newbuilding LNGs to the Malta flag. These vessels are not only a contribution to the Malta flag in terms of tonnage but also a clear reflection of clients’ confidence in the flag’s technical capabilities with respect to such sophisticated vessels, the company said, without naming them. In addition, Fenech & Fenech Advocates’ finance team also assisted with the financing aspect of this transaction.