In this issue

 

Teekay LNG Partners has reported GAAP net income attributable to the partners of $43.1 mill and adjusted net income attributable to the partners of $53.8 mill in the second quarter…
Thursday, 18 August 2016
GasLog Partners LP has confirmed the closing of its public offering of 2,750,000 common units representing limited partner interests on 5th August, resulting in net proceeds of $53.23 mill.
Group revenue for the second quarter of 2016 was RM2,392.4 mill, 8% lower than the RM2,600.5 mill recorded for the corresponding quarter of 2015.
Thursday, 18 August 2016
The Israeli gas authority is to recommend the installation of a second LNG receiving terminal, according to the Marker, an Israeli business journal.
ABB has launched an Arctic course for deck officers in response to strong demand from the ice-going vessel segment.
Parker Bestobell Marine has received an order from Daewoo to supply cryogenic valves for three Arc7 Yamal LNGCs.
Thursday, 04 August 2016
Despite the current weakness in LNG shipping rates, Drewry maintained its bullish long-term outlook for LNG shipping.
Mitsui OSK Lines (MOL) has confirmed that wholly owned subsidiary Lakler is to conclude a long-term charter contract for an FSU with Gas Sayago of Uruguay, a joint venture between…
Thursday, 04 August 2016
Golar LNG and Schlumberger have jointly created OneLNG to develop low cost gas reserves to LNG.
Exmar’s cash flow from operations (EBITDA) for the first half of 2016 was higher at $57.8 mill, compared with $54.8 mill for 1H15 and the operating result (EBIT) was $35.4…
GasLog Partners reported revenue, profit and EBITDA of $49.64 mill, $17.38 mill and $35.56 mill for the second quarter of this year, respectively.
Dynagas LNG Partners reported a 30% and 28% rise on distributable cash flow during the second quarter and first half of this year, respectively, compared to same periods of 2015.
French gas engineering concern GTT reported a 11.4% increase in revenue for the first half of this year to €117 mill from €105 mill declared in 1H15 and a net…
According to local media, India is attempting to renegotiate LNG deals with Australia and Gazprom.

News Nudges

Alexandroupolis FSRU project underway

Construction startup on Gastrade’s FSRU project at Alexandroupolis was marked by a ceremony that took place on 3rd May. A symbolic plaque was signed by the Prime Ministers of Greece and Bulgaria to mark the start of the project, which will become a new energy gateway, playing a key role not only in the energy security and independence of Greece, but also for southeastern Europe, the company said. A 153,500 cu m GasLog FSRU will be connected to the Greek National Natural Gas Transmission System (NNGΤS) via a 28 km long pipeline, through which the gasified LNG will be sent to Greece, Bulgaria and the wider region, including Romania, Serbia, North Macedonia, etc, and possibly Ukraine. Alexandroupolis FSRU is expected to come online by the end of 2023. The contracted regasification capacity has already reached 60% of its technical capacity of 5.5 bill cu m per year, Gastrade said. Gastrade has also submitted an application for a new Independent Natural Gas System (INGS) License for the ‘Thrace LNG’ project to the Greek Regulatory Authority for Energy (RAE), which will also be based on an FSRU.


Höegh opts for Nyheim

Höegh LNG Holdings has appointed Erik Nyheim as the new President & CEO effective from mid-August this year. Nyheim will arrive from the position as Partner of Boston Consulting Group’s Norwegian office where he has led their maritime practice since 2019. Prior to this, he worked for more than 15 years with the Wilhelmsen group.


Bangladesh seeks three LNG cargoes

Bangladesh is planning to import three spot LNG cargoes to be delivered in June. The cargoes will be needed to meet increased power demand over the peak summer season, a government source told Reuters. Bangladesh suffers from frequent power cuts, despite government efforts to ration gas supplies. The power cuts could become more frequent heading into summer, due to an increase in the demand for air-conditioning. The country imports about 300-400 mill cu ft of LNG daily under two long-term deals with Oman and Qatar. Petrobangla will import two spot cargoes in May when it will also receive six shipments under the long term supply deals, the government source said.


Law firm welcomes back senior gas experts

Law firm, Norton Rose Fulbright, has announced the return of veteran oil and gas lawyer Craig Vogelsang. He has rejoined as a partner and leader of the oil and gas practice. In addition, Alex Niebruegge has returned as a senior counsel. Both join the firm’s oil and gas and LNG team based in Houston. Vogelsang, who rejoins the firm from Baker Botts, advises US and foreign clients on a wide range of oil and gas transactions and projects, including mergers, acquisitions and dispositions involving oil and gas properties and infrastructure. He also advises on joint ventures, financings and other commercial arrangements, including LNG exports and joint developments. Formerly with Winston & Strawn, Niebruegge has experience in US and international energy transactions, advising clients in the acquisition, divestiture, development and operation of energy assets and other corporate matters. He is also involved with joint ventures and commercial arrangements across the energy sector, including LNG projects. Vogelsang and Niebruegge are both licensed to practice in Texas.


Ships - Newbuildings

There is no let up in the number of newbuildings reported with NYK leading the way. For example, at the end of last month, through a subsidiary, NYK concluded a long-term timecharter contract with CNOOC Gas and Power Singapore Trading & Marketing for six LNGCs. As a result, orders for six vessels were placed with Hudong-Zhonghua Shipbuilding (Group) Co Ltd. They are scheduled to be delivered between 2026 and 2027 and will be mainly engaged in LNG shipments to China. NYK has also signed a project head of agreement (HoA) with a subsidiary of China Merchants Energy Shipping (CMES) to jointly own and manage the vessels. The 174,000 cu m LNGCs will be fitted with X-DF2.1 iCER, dual-fuel engines that can operate on fuel oil or boil-off gas stored in the cargo tanks. In addition, France LNG Shipping, an NYK affiliate, has signed a long-term charter contract for an LNGC with EDF LNG Shipping, resulting in another newbuilding. This newbuilding, thought to have cost the equivalent of $223 mill, is scheduled for delivery in 2025 from Hyundai Samho Heavy Industries. She will be the fourth vessel to be long-term timechartered to the EDF Group. She will be powered by a WinGD X-DF, dual-fuel slow-speed diesel engine and will also feature an Air Liquide–manufactured Turbo-Brayton refrigeration system that can tap surplus boil-off gas. Designed by GTT, the 174,000-cu m capacity membrane-type tank will be made of advanced insulating materials to reduce the vaporisation rate. Meanwhile, CNOOC has awarded Yuan16 bill contracts to build 12 LNGCs, the company said last week on its website. The 174,000 cu m vessels will be built by Hudong Zhonghua Shipbuilding and they are due for delivery between 2024 and 2027. It was not clear whether the NYK orders were included in the total. Brokers said that MOL had declared options for another two 174,000 cu m LNGCs at Daewoo for the equivalent of $213 mill each, while Knutsen was said to have ordered another 170,000 cu m LNGC for delivery in 2025 at Hyundai Samho for $224.5 mill under a long term timecharter with Engie. GTT has also announced that it has received an order from Hudong Zhonghua for the tank design of the first four MOL LNGCs for the Qatargas project.


Sempra advances Cameron LNG 2

Sempra Infrastructure is working to expand its North American network through the development of its LNG portfolio positioned to serve customers in both the Pacific and Atlantic markets. The company said in its first quarter results roundup that it is also is continuing to support growing integration of North American energy markets through its US/Mexico cross-border infrastructure business. During the first quarter of this year, Sempra took steps to advance the development of its Cameron LNG Phase 2 expansion project with its partners at the Cameron LNG joint venture. The steps included a non-binding Heads of Agreement (HoA), which provided the commercial framework for the expansion of the facility by adding a fourth LNG train and also increasing the production capacity of the existing three trains through debottlenecking activities. Furthermore, the company and Cameron LNG entered into a project development agreement, which provides for the management and funding of the ongoing development work that is necessary to prepare for a final investment decision (FID). Cameron LNG is also conducting a competitive front-end engineering design (FEED) process. This development work is targeted to be completed in the summer of 2023 and the company expects to be in a position to make a FID thereafter. In addition, Sempra said that it expected to close the sale of a non-controlling 10% interest in Sempra Infrastructure Partners to a subsidiary of Abu Dhabi Investment Authority (ADIA) for $1.785 bill in cash in 2Q22, subject to customary closing adjustments and conditions. Upon closing, Sempra will own a 70% controlling interest in Sempra Infrastructure Partners.