In this issue

 

On 13th October, Hudong-Zhonghua Shipbuilding Group delivered the ‘Pan Asia’, the first of four 174,000 cu m TFDE LNGs. 
Energy consultancy Add Energy has partnered with Transborders Energy (TBE) and joined forces with TechnipFMC and MODEC to create a fast deployment business model for the FLNG industry. 
South Korea’s state-owned Korea Gas Corp (KOGAS) plans to build its fifth LNG storage terminal with a capacity of 2 mill kiloliters by 2031 in Dangjin, south of Seoul, the…
Thursday, 26 October 2017
A naming ceremony was held on 24th October for the LNGC built to ship about 0.9 mill tonnes of LNG per year from the INPEX-operated Ichthys LNG project to the…
Thursday, 26 October 2017
On 16th October, Mitsui OSK Lines (MOL) held a naming ceremony for a newbuilding LNGC, jointly owned by MOL and Tokyo LNG Tanker.
Thursday, 26 October 2017
Train 4 of Cheniere Energy’s Sabine Pass liquefaction project in Cameron Parish, Louisiana was substantially completed on 9th October, 2017, the company said.
Thursday, 26 October 2017
Samsung Heavy Industries (SHI) has won a $221 mill order to build an FSRU. 
Thursday, 26 October 2017
Nakilat has announced a fall in net profit to QR607 mill for the first nine months of this year, compared to QR749 mill of the same period in 2016.
Thursday, 26 October 2017
French gas engineering company, Gaztransport & Technigaz (GTT) said that revenues for the first nine months fell by 4.6% to €168.5 mill, compared to €177 mill in the same period…
Trelleborg’s Andrew Stafford is to head up the American Society for Testing and Materials (ASTM) ’Standard for Liquefied Gas Ship Shore Links’ (SSL) standardisation group.
Through its joint venture company CSSC Wärtsilä Engine (Shanghai) Co (CWEC), Wärtsilä, has won a contract to deliver 16 engines for four new LNGCs being built at Hudong Zhonghua shipyard…
Thursday, 26 October 2017
Growing shipping traffic, particularly LNGCs, has warranted the need for an additional channel at Pakistan’s Port Qasim. 
Wärtsilä has signed a maintenance agreement with GasLog LNG Services, covering eight LNGCs powered by the company’s dual-fuel engines.This agreement covers four new LNGCs and service renewals for another four…
Thursday, 12 October 2017
BP Shipping’s finance partners, KMarin and ICBC Leasing, are investing over $1 bill in six newbuilding LNGCs. 

News Nudges

GTT wins orders for another eight LNGCs

GTT has received an order from Hudong-Zhonghua Shipbuilding (Group) for the tank design of eight new LNGCs, on behalf of several Asian shipowners. GTT will design the tanks, which will each offer a capacity of 174,000 cu m. The tanks will be fitted with the NO96 membrane containment system. The vessels’ delivery is scheduled for between the third quarter of 2025 and the fourth quarter of 2027.


Demand exceeds supply at Fos terminal

Elengy and its subsidiary, Fosmax LNG, has asked for a call for subscriptions for regasification at Fos Cavaou LNG terminal (Open Season Fos Cavaou 2021). This process started in the spring 2021 with the launch of the non-binding phase designed to test the market’s interest in additional long-term capacity at the Fos Cavaou terminal. The binding phase closed on 10th November, 2022 with the firm allocation of 30 TWh per year for 16 years, from 1st January, 2025 to December 31st, 2040, ie the entire capacity offered for sale over this period. Cumulative demand during the binding phase exceeded the offered capacity. Elengy said that it continued to study the possibility of marketing additional capacity from its LNG terminals.


WoodMac launches gas and LNG analytics platform

Wood Mackenzie has launched a new data analytics solution -Lens Gas & LNG. This was launched to offer a uniquely integrated view that connects markets and assets on a global scale, the company said. As the latest addition to WoodMac’s Lens data analytics platform, Lens Gas & LNG offers a single tool to explore all gas & LNG data, analysis and modelling capabilities. This will enable faster, more accurate operational and strategic planning, and portfolio management, the company claimed.


Petronet approves Gopalpur FSRU

At a meeting held on 9th November, the Petronet LNG Board of Directors approved the investment to build an FSRU based LNG terminal at Gopalpur Port, India. The FSRU will have an LNG capacity of around 4 mill tonnes per annum in phase 1. There will be a provision to convert to a land-based terminal to occur within three years. Total project cost will be around INR23,060 mill, including taxes and duties. Financing will consist of a mixture of debt and equity.


Changes at Höegh and Excelerate

Höegh LNG Partners Board Chairman John Veech has resigned effective 8th November, 2022. A successor is currently being selected. In addition, Excelerate Energy’s Calvin (Cal) Bancroft is to resign from his position as Executive Vice President and COO on 31st December, 2022. Bancroft will continue his employment with the company as a Senior Advisor reporting to Steven Kobos, President and CEO, through 30th September, 2023, at which point he is expected to retire. David Liner, who currently serves as Vice President of Operations, will succeed him as Executive Vice President and COO on 1st January, 2023.


Ships - Newbuildings, charters

Samsung Heavy Industries (SHI) has won a Won1.46 trill order to build five LNGCs. The order was placed by Seapeak, it has since been confirmed. They will be of 174,000 sq m each and will be delivered from December, 2027. It was earlier reported that SHI had won a contract to build two LNGCs at a cost of around $221 mill each. The contractor was believed to be Minerva Gas and the vessels were ordered on the back of the Qatar LNG project on charter to ExxonMobil. Mitsui OSK Lines (MOL) has confirmed that, through a subsidiary, it has signed a long-term charter contract for three newbuilding LNGCs with QatarEnergy. They will be built at Hudong-Zhonghua Shipbuilding (Group) in China, and are scheduled for delivery in 2027. The Japanese major had earlier signed a long-term charter contract with QatarEnergy in April, 2022 for four newbuilding LNGCs. MOL and its Chinese partner are currently discussing the share acquisition of the new subsidiary. In the charter market, Flex LNG has announced an extension of the timecharters with Cheniere Marketing International (CMI) for the LNGCs ‘Flex Endeavour’, ‘Flex Ranger’ and ‘Flex Vigilant’. Prior to this agreement, the three ships had about six years of remaining firm charter periods in total. The new agreement extends the charter periods for up to another 19 years in aggregate. Under this agreement, CMI will declare the original one plus one-year optional periods for all three vessels. In addition, the companies have agreed to an extension of the existing timecharters for ‘Flex Endeavour’ and ‘Flex Vigilant’ for up to 1,800 days each. The minimum firm extension period for ‘Flex Endeavour’ is 1,300 days from 1Q27 to 3Q30. In addition, CMI has a 500-days extension option to be declarable in 2Q24 for the period 3Q30 to 1Q32. In the event this 500 days option is declared, CMI will also have the option to extend ‘Flex Endeavour’ for a further one year period from 1Q32 to 1Q33. Oystein Kalleklev, Flex LNG Management CEO explained: “We are pleased to announce extension of another three ships, this time with CMI which is a major customer of Flex LNG, which we share a very good working relationship with. We have five ships on charter with CMI as this year we also delivered ‘Flex Volunteer’ and recently ‘Flex Aurora’ on timecharters to them. “What we also appreciate is that we once again are announcing extension of ships with an existing first class charterer which clearly demonstrates the attractiveness of not only our fuel-efficient LNG carriers, but also the high service level of professionalism of the entire organisation from seafarers to the people onshore. “With this agreement, CMI will continue to charter these three ships for an aggregate period of up to 25 years with a minimum period of around 20 years in aggregate. In addition, there is about six and a half years of minimum backlog for ‘Flex Volunteer’ and ‘Flex Aurora’ with CMI with an additional four years of optional backlog for these two ships. “Following this agreement our minimum contractual backlog is about 63 years or about five years on average per ship. As part of the agreement, we also have a firm redelivery slot for the ‘Flex Ranger’ in early 2027. which is then our first fully open ship. “This means we can market ‘Flex Ranger’ for new business opportunities as this ship has an earlier redelivery than the delivery slots that yards today can offer for a newbuilding,” he said.