In this issue

 

Thursday, 08 June 2017
Oslo-listed Flex LNG has signed contracts for six new LNGCs, the company’s CEO recently told Reuters. 
The naming ceremony for the first Yamal LNG Arc7 LNGC ‘Christophe de Margerie’ was held at Bronka, near St Petersburg, on 3rd June. 
Thursday, 08 June 2017
Golar LNG has reported an operating loss of $41.4 mill and EBITDA loss of $16.2 mill in the first quarter of this year, compared with 4Q16 losses of $32.7 mill…
The UK P&I Club has warned of issues when incorporating charterparties into bills of lading, citing the case of an LNGC. 
Thursday, 08 June 2017
DNV GL has awarded Kawasaki Heavy Industries (KHI) an Approval in Principle (AiP) for the newly developed non-spherical (MOSS) tank. 
Thursday, 08 June 2017
More than 100 Kongsberg Information Management Systems (K-IMS) have been installed in the LNGC sector. 
A Stolt-Nielsen subsidiary, Stolt-Nielsen Gas (SNG), has ordered two 7,500 cu m LNGCs, with options to purchase three more, at Keppel Singmarine.
Technology group Wärtsilä and Maran Gas Maritime (MGM) have extended their current co-operation with a five-year maintenance agreement. 
Alfa Laval subsidiary, Framo, has signed a contract with Höegh LNG to deliver  pumping systems to a new FSRU. 
DNV GL and Samsung Heavy Industries (SHI) have signed a joint development project (JDP) agreement to produce new LNGC designs. 
GasLog Partners is to purchase 100% of the shares in the entity that owns and charters ‘GasLog Geneva’ from GasLog Ltd. 
In the second quarter of 2017, ‘Höegh Gallant’ is due to be offhire for eight days for scheduled maintenance, Höegh LNG Partners said in its first quarter results roundup. 
On the back of global LNG trade growth, shipping activity has picked up, illustrated by many spot and term tenders continuing to circulate on the market, a leading broking house…
The Port of Fujairah is aiming to introduce LNG ship-to-ship transfers, trading and operations, according to a report by Platts. 

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.