OSM/Thome merger gets green light
Competition authorities have approved the merger of OSM Maritime Group and Thome Group. The merged company, OSM Thome, will be represented in 22 countries and headquartered in Arendal, Norway. Currently managing several LNGCs, the new company will handle shipmanagement for nearly 450 ships and be responsible for crewing services on about another 550 ships of all types. The management group now consists of: • Finn Amund Norbye – CEO • Olav Nortun – COO – Ship management business division • Stig Morten Helland – Deputy COO – Ship management business division • Tommy Olofsen – CCO • Julia Anastasiou – Chief Crew Management Officer • Gautam Kashyap – Chief Marine Services Officer • Constantinos Tzagotzides – Chief Accounting Officer • Vassilis Malikides – Group Finance Director • Jamir Morgan Ramsamy – Chief Digital Officer • Kjell Ove Breivik – Chief Culture Officer • Linda Hentsch – Global Head of Shore HR • Mailyn Borillo – Managing Director, Philippines • Morten Amundsen – Chief Legal Officer.
First GHG statement cargo arrives at Singapore
Pavilion Energy recently took delivery of its first LNG cargo to include a Statement of Greenhouse Gas Emissions (SGE). The cargo was shipped by QatarEnergy to the Singapore LNG terminal. SGE is a verified statement of Greenhouse Gas (GHG) emissions associated with producing and delivering an LNG cargo from wellhead to discharge terminal. Its methodology was jointly published by Pavilion Energy, QatarEnergy and Chevron, who will endeavour to enable the statement to become a common standard to measure, report and verify GHG emissions along the LNG value chain to drive greater transparency and enable stronger action on GHG reduction measures. Intended for wide adoption, it paves the way for enhanced strategies towards a lower carbon future, Pavilion Energy said. Since its publication in 2021, the SGE methodology has been applied to six delivered LNG cargoes. Alan Heng, Group CEO at Pavilion Energy, said, “Natural gas is expected to continue playing a key role in helping economies transit to a low carbon future for years to come. “With the SGE methodology, we see it as a way to be accountable for the carbon emissions of LNG cargoes delivered and are elated to receive our first SGE methodology-certified cargo in Singapore,” he said.
GTT wins HHI order
GTT has received an order from HD Hyundai Heavy Industries (HHI) for the tank design of two new LNGCs, on behalf of a European shipowner, believed to be Dynagas. The two vessels will each have a total cargo capacity of 200,000 cu m and will be fitted with GTT’s Mark III Flex+ membrane containment system. They are scheduled to be delivered between the second and fourth quarters of 2027.
Ships - charters, newbuildings, sales
Much activity was reported in the charter market in recent weeks. Cool Company (CoolCo) has confirmed the signing of a new timecharter agreement for one of its TFDE vessels starting early next year (see page 6). The multi-year charter is with an energy major and starts upon her redelivery from the current charter. No other details were revealed. South Korea’s POSCO International has chartered a 174,000 cu m newbuilding LNGC from H-Line Shipping. Construction of the LNGC is due to start in October this year and delivery is scheduled for the first half of 2025. From 2026 to 2046, the LNGC will be used to ship 400,000 tonnes of US shale gas as LNG, both for domestic supply and for trading purposes. The company also revealed that it is planning to buy LNGCs, marking its entry into the foreign controlled LNG business. In its first-quarter results statement, GasLog Partners’ said it had chartered out the 2010-built 155,000 cu m ’GasLog Singapore’ to New Fortress Energy Transport Partners (NFE) for two years with an option for another 90 days. In addition, Shell declared its option and extended the charters of GasLog’s 2016-built 174,000 cu m ’GasLog Geneva’ and ’GasLog Gibraltar’ to 2028, with three-year option periods attached. Kawasaki Kisen Kaisha ( “K” Line) has signed a 15-year long term timecharter contract (with an option to extend for up to 10 years) with Mitsubishi Corp subsidiary, Diamond Gas International (DGI). As a result, “K” Line signed a newbuilding contract with Samsung Heavy Industries (SHI) for a 174,000 cu m LNGC. To be delivered in the second half of 2026, the vessel will be fitted with an ME-GA engine. In addition, NYK has signed long-term charter contracts for four new LNGCs with major German energy company, EnBW. The four vessels will be built at HD Hyundai Heavy Industries (HHI) and will be delivered during 2027. The 174,000 cu m capacity tanks will be constructed of advanced insulating materials that reduce the vaporisation rate. They will also be propelled by fuel efficient dual-fuel slow-speed 2-stroke engines and will feature a shaft generator and an air lubrication system (ALS). It has also been rumoured that Capital Gas has committed two LNGCs to Japanese energy major JERA for between 10 and 13 years for around $105,000 per day each. In the newbuilding sector, China Merchants Energy Shipping (CMES) has announced plans to order tankers and LNGCs. At a recent meeting, CMES’ Board agreed to build two 175,000 cu m LNGCs. Local sources thought that Dalian Shipbuilding (DSIC), part of China State Shipbuilding Corp (CSSC), will win the contract. Broking sources have reported the sale of the 135,267 cu m, 2003-built LNGC ‘BW Everett’ to Taiwan’s Eddie Steamship for about $46 mill. They also said that Golar’s 123,512 cu m, 1977-built ‘Gandria’ had been committed to Indian recyclers for $447 per ldt ($15.5 mill) on the basis of ‘as is’ Labuan to be towed for Hong Kong Convention (HKC) recycling.
ADNOC Trading to join Platts
ADNOC Trading Ltd has advised Platts, part of S&P Global Commodity Insights, that it would like to participate in the Platts Market on Close (MOC) assessment process for Asia APAC LNG paper. Platts said that it had reviewed ADNOC Trading and will consider the information in the assessment process for Asia APAC LNG paper and will publish all the relevant information accordingly. In addition, Platts will publish a combustion emissions factor for LNG delivered into North Asia, effective 3rd July, 2023. Following feedback from market participants, Platts will publish an emissions factor, representing the amount of greenhouse gases (GHG) calculated to be emitted during the end-use combustion of a typical LNG cargo. It will reflect the combustion leg of a LNG trade in North Asia, based on the standard 3.4 TBtu LNG cargo delivered into the JKTC market, with GHV 1030-1130 Btu/scf, maximum total sulphur content of 5mg/Nm3 and maximum ethane content of 10%/mol, matching Platts JKM quality and quantity specifications. The new value will be published in tonnes of carbon dioxide equivalent, or tCO2e, and will be published under the symbol ACNLK00. The combustion emissions factor value will also be published in LNG Daily, on Platts Dimensions Pro, as well as on page 3000 of the LNG alert service.
DSME now Hanwha Ocean
The Hanwha Group has completed the take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean. Hanwha Vice Chairman, Kwon Hyuk-woong, has been appointed as CEO of the shipbuilding activities.