LNG

DET’s Stade LNG terminal back on track

German state-owned Deutsche Energy Terminal’s (DET) fifth floating import terminal is on course to start operations this month, with a first commissioning cargo due in November. Based at Stade on the River Elbe, this terminal as part of a wider effort to diversify supplies after Russian pipeline deliveries were cut off in 2022, following the invasion of Ukraine. The FSRU ‘Energos Force’ is due to berth at Stade this month as planned to prepare to start operations, a spokesperson for operator DET said. The company is also putting together the capacity allocations at the terminal and will inform the market of any auctions in due course, he added. ‘Energos Force’ had been sub-chartered to Egyptian state oil and gas company EGAS and deployed in Jordan, due to delays to the German project. According to local sources, Germany has been slow to fill gas storage this summer, with levels last reported at 53.6%, and will rely on LNG imports to help meet gas demand this winter.

Gate asks for expression of interest for Jetty 5

Rotterdam’s Gate LNG receiving terminal’s operators, Gasunie and Vopak, are assessing market interest for possible small-scale LNG ship loading services through a non-binding expression of interest for a planned fifth jetty development. Market demand is being explored through a non-binding call for expression of interest in small scale ship loading services for the planned new jetty (Jetty 5). Based on the outcome of the market consultation, Gate terminal will decide whether to move towards detailed engineering and file the permit requests.

High spot prices deter Pakistan

Pakistan has issued a third international tender for the procurement of an LNG cargo for September delivery, after rejecting two earlier bids, due to high price levels. Pakistan LNG Limited (PLL) has now invited bids for a cargo scheduled for delivery between 12th and 16th September. According to the tender details, the deadline for submission of bids was set for 8th September. PLL rejected the second spot LNG cargo offered by BP Singapore at $26.7128 per MMBtu for delivery between 8th and 12th September, which was the lowest of two bids received, the other being PetroChina at $26.98 per MMBtu, according to local media. The PLL Board had previously rejected a BP Singapore bid of $26.969 per MMBtu for the 4th to 8th September delivery window, blaming the high cost.

WFW advises NYK on Avenir LNG acquisition

Watson Farley & Williams (WFW) has assisted Japan’s largest shipowning conglomerate, Nippon Yusen Kabushiki Kaisha (NYK) on the completion of its acquisition of a 50% stake in Avenir LNG. The stake was purchased from Stolt-Nielsen Gas, a subsidiary of Stolt-Nielsen Limited. This transaction was completed following WFW’s co-ordination and sourcing for both NYK and Stolt-Nielsen of all required regulatory and competition authority approvals, including merger control clearances in the EU, China and South Korea. Founded in 2017, Avenir LNG has developed into a major LNG bunkering company, operating a fleet of bunker vessels worldwide. Stolt-Nielsen is a leading provider of integrated bulk-liquid logistics, storage and specialist transport services. Appleby supported WFW on Bermudan law matters.

Venture Global borrows more cash

US LNG facility developer, Venture Global LNG (VGLNG) has signed a new $3 bill 364-day revolving credit facility. Parent Venture Global said that it expected to use the proceeds for VGLNG’s general corporate purposes and its subsidiaries, including to fund certain costs for the CP2 and Plaquemines expansion projects prior to their respective FIDs. Bank of America served as co-ordinating lead arranger and sole bookrunner and will also serve as administrative agent. BBVA, Goldman Sachs, ING, JP Morgan, Mizuho, MUFG, NBC, RBC, Scotia, SMBC, US Bank, and Wells Fargo served as co-ordinating lead arrangers and Barclays, Santander, and Deutsche Bank served as joint lead arrangers.

EXMAR raises cash

Antwerp based gas carrier owner and operator, EXMAR, through its wholly owned subsidiary EXMAR Netherlands, has successfully placed $150 mill of new senior unsecured bonds. The bonds are due to mature in September, 2031 and will pay a fixed semi annual coupon of 7.75% per annum. An application will be made for the bonds to be listed on the Oslo Stock Exchange. DNB Carnegie, Fearnley Securities, Nordea and Pareto Securities acted as Joint Bookrunners for the bond issue. The net proceeds will be used towards strategic growth projects, primarily within EXMAR’s floating infrastructure platform, and general corporate purposes, the company said.

Ships - Newbuildings, Deliveries

According to a report in TradeWinds, Zodiac Maritime is considering ordering LNGCs. Malaysia’s MISC, a Petronas subsidiary, has named two more LNGC newbuildings in China. The 174,000 cu m ‘Puteri Kelantan’ and ’Puteri Negeri Sembila’ were built by China State Shipbuilding Corp’s subsidiary, Hudong-Zhonghua Shipbuilding. They are fitted with 2-stroke X-DF engines with an iCER system attached, which can help reduce methane slip in gas mode, as well as greenhouse gas emissions and are classed by China Classification Society and American Bureau of Shipping (ABS).