In this issue

 

China's largest LNG importer CNOOC has started to build two storage tanks at a receiving terminal in Fujian province, the official Xinhua news agency recently reported.
Mitsui OSK Lines (MOL) has teamed up with PT Pelindo Energi Logistik (PEL) to launch a joint operation involving the 2000-built 23,000 cu m LNGC ‘Triputra’.
Thursday, 12 May 2016
GasLog and its subsidiaries reported a loss of $5.3 mill for the first quarter of this year, compared with a $13.9 mill profit 1Q15.
Meanwhile, sister company GasLog Partners has declared cash distribution of $0.478 per unit for 1Q16, 10% higher than 1Q15 and unchanged from 4Q15.
At GasLog Limited’s First Quarter 2016 results conference call, CEO Paul Wogan said that LNG shipping markets remain challenging.
Thursday, 12 May 2016
The $27 bill Yamal LNG project has secured financing from two Chinese banks worth a total of $12.1 bill.
The Oil Companies International Marine Forum (OCIMF) is updating its Mooring Equipment Guidelines (MEG), to take into account findings from a serious incident on board the Q-MAX LNGC ‘Zarga’.
Alleged delays to the conversion of an LNGC into an FSU are being blamed on missing a deadline for the start up of Malta’s Delimara LNG power plant being built…
Flex LNG has amended terms with Metrogas Holdings to extend a working capital loan, which was signed in 2014.
Samsung has received a contract termination from Shell for three FLNGs, the South Korean shipbuilder said in a stock exchange filing.
Thursday, 28 April 2016
Gas membrane containment system manufacturer GTT (Gaztransport & Technigaz) announced a 7.1% rise in revenues to €58.6 mill for the first quarter of this year, compared with 1Q15.
Thursday, 28 April 2016
Qatar Gas Transport Company (Nakilat), the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has announced a net profit of QR240 mill in the first quarter of this year,…
Thursday, 28 April 2016
Iran is set to get its first FLNG terminal by March, 2017, according to Ali Kardor, National Iranian Oil Company’s (NIOC) vice president for finance and investment affairs.
Thursday, 28 April 2016
China’s largest LNGC was floated out at the Hudong-Zhonghua Shipbuilding, Shanghai, on 15th April, according to local sources.

News Nudges

Excelerate instigates IPO

Excelerate Energy has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Class A common stock. The company intends to list this stock on the New York Stock Exchange (NYSE) under the ticker symbol ‘EE’. The number of shares to be offered and the price range are subject to market conditions and have not yet been determined. Barclays, JP Morgan, and Morgan Stanley are serving as joint lead book-running managers for the proposed offering.


GTT wins more tank designs

At the end of December, GTT received an order from Hyundai Samho Heavy Industries for the tank design of a new 174,000 cu m LNGC. The LNGC tanks will be fitted with the GTT Mark III Flex membrane containment system. Delivery of the vessel is scheduled for the third quarter of 2024. During the same month, GTT received another order from an undisclosed shipyard for a smaller capacity LNGC, which will be fitted with GTT's NO96 L03+ membrane containment system. This vessel is scheduled for delivery in the third quarter of 2023.


Malaysian carbon neutral cargo delivered

PETRONAS subsidiary, Malaysia LNG, has delivered a carbon neutral LNG cargo (CNLNG) to Hiroshima Gas. PETRONAS Vice President of LNG Marketing & Trading, Shamsairi Ibrahim, said, “We are proud to grow our 16-year relationship by being Hiroshima Gas’ chosen partner for their first CNLNG cargo. “Providing cleaner energy solutions through carbon offsets will not only positively impact the LNG industry but will also create sustainable value for businesses, societies and the world at large,” he said. Hiroshima Gas Senior Executive Officer, Kazunori Tamura, added, “Our business as a city gas supplier is seeing an increasing need to offer carbon neutral city gas to our end-buyers. PETRONAS’ ability to provide such solution is certainly essential to ensure we are on track in our sustainability goals. We are pleased to have collaborated with PETRONAS for our first CNLNG cargo.”


Wogan announces retirement date

GasLog Ltd’s CEO Paul Wogan is to retire on 9th March, 2022. He will remain in an advisory role until 30th June, 2022 to ensure a smooth transition to his successor. The Board has appointed the current COO and CEO of GasLog Partners, Paolo Enoizi, as CEO effective 10th March, 2022. Peter Livanos, GasLog Chairman, said, “Under Paul’s outstanding leadership over the last 10 years, GasLog has grown and developed to become one of the world’s leading LNG shipping companies. I would like to express our sincere thanks to Paul for all his hard work and dedication to GasLog and wish him all the best in his retirement. “I am very pleased that Paolo has agreed to take over the CEO role from Paul. Paolo has been GasLog’s COO since April, 2019 and has been CEO of GasLog Partners since August, 2021,” he said.


Sinopec receives first Qatari cargo

China's Sinopec Corp has received its first LNG cargo under a term supply deal signed last year with Qatar Petroleum. The LNGC ‘Al Sahla’, carrying 94,000 tonnes of Qatari gas, arrived at Sinopec's Tianjin terminal earlier this week, the Chinese state-run Tianjin Daily reported. Sinopec signed a long term contract with Qatar Petroleum last March to supply 2 mill tonnes of LNG per annum for 10 years.


Ships - Newbuildings

A spate of newbuilding contracts have been reported in the past few weeks. The pick of the bunch is -Mitsui OSK Lines (MOL) 7th January signing, through a subsidiary, of a long-term charter contract for six newbuilding LNGCs with CNOOC Gas & Power Singapore Trading & Marketing. They will be built at Hudong-Zhonghua Shipbuilding in China and are due for delivery from 2024 through 2026. The main assignment of the 174,000 cu m LNGCs will be to transport LNG to China under a long-term purchasing contract with CNOOC. This project was realised through a partnership between MOL and COSCO Shipping LNG Investment (Shanghai) (CSLNG). MOL and CSLNG already jointly own and operate 17 LNGCs for an ExxonMobil project, an LNG transport project for Sinopec and the Yamal Project. Also benefiting Hudong-Zhonghua was a Letter of Intent (LoI) signed for one, option one, 174,000 LNGC by China Shipping Energy Transportation (CSET) for 2025 delivery. Remaining in China, the CSSC Leasing order reported at Jiangnan in the last LNG Shipping News was an LoI for one, option one 174,000 cu m vessel for around $194.3 mill for 2025 delivery, brokers reported. Meanwhile, Maran Gas has turned two more options into firm orders at Daewoo for 174,000 cu m LNGCs. It was also reported that MOL had ordered a seventh 174,000 cu m vessel but details were not revealed. However, a DSME stock exchange filing earlier this week confirmed that the yard had won another order for a 174,000 cu m LNGC from Oceanian based interests for around $208 mill. Hyundai Samho has picked up an order from SK Shipping for a 174,000 cu m LNGC for 2024 delivery. The cost was put at $207.9 mill. NYK affiliate, France LNG Shipping, has signed a long-term charter contract involving a newbuilding LNGC with EDF LNG Shipping. The new 174,000 cu m vessel is scheduled for delivery in 2025 from Hyundai Samho Heavy Industries. She will be fitted by WinGD-designed, dual-fuel slow-speed X-DF diesel engines and will also feature an Air Liquide Turbo-Brayton refrigeration system to tap surplus boil-off gas, plus a GTT membrane-type tank system. Elsewhere, it has been widely reported that Taiwan is seeking to build a domestic fleet of up to 16 LNGCs. Taiwan is known to be looking to phase out nuclear power by 2025 and reduce the use of coal. Taiwan’s Maritime and Port Bureau (MPB) reportedly said that the country needs to develop its national fleet of LNGCs, as imports arrive on chartered vessels. MTB will probably include the imported LNG shipments into the national ship’s implementation project to encourage domestic shipping companies to build LNGCs, local media reports said, citing the bureau. An announcement is expected later this year. As for LNGCs entering service, TEN Ltd recently took delivery of the 174,000 cu m LNGC ‘Tenergy’ in South Korea. She immediate commenced a charter to a major end-user. The charter, for a minimum of five years at an accretive floor rate with market-related upside, is expected to generate minimum gross revenues of about $100 mill. “We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” George Saroglou, TEN’s COO commented. “TEN’s growth prospects and cash flow visibility, with a minimum revenue backlog of over $1 bill, with additional upside potential, enables management to pursue its growth strategy and diversify further TEN’s footprint in the greater energy sector.”