In this issue

 

Thursday, 26 November 2020
Höegh LNG said in its third quarter results presentation (see page 7) that it was actively pursuing projects that are subject to a number of conditions, outside its control, which…
Free ReadLaw firm Norton Rose Fulbright has advised Pavilion Energy Trading & Supply regarding the world’s first LNG sale & purchase agreement (SPA) with carbon neutral ambitions. Temasek subsidiary Pavilion Energy…
Dynagas LNG Partners reported third quarter 2020 net income of $10 mill, compared to $4.7 mill in the corresponding period of 2019.
Höegh LNG Holdings has entered into a binding commitment to supply H-Energy with an FSRU in the first quarter of next year.
Thursday, 26 November 2020
Free ReadJoint venture companies belonging to Sovcomflot (SCF Group), NYK Line and Samudera, have signed a $155 mill non-recourse credit facility. This credit facility is valid for up to eight years…
On 30th October, the Canadian Haisla Nation Council voted to approve a partnership agreement for the Cedar LNG project with Pacific Traverse Energy (PTE) and Delfin Midstream.
Thursday, 26 November 2020
Teekay LNG Partners has reported a GAAP net income of $40.3 mill and GAAP net income per common unit of $0.38 for the third quarter of this year.
Flex LNG has announced revenues of $33.1 mill for the third quarter 2020, compared to $25.8 mill in the previous quarter.
Free ReadMISC Berhad reported revenue for the third quarter of this year of RM2,059.5 mill, which was 4.1% lower than the corresponding quarter’s revenue of RM2,147.8 mill in 3Q19. This was…
Thursday, 26 November 2020
The Korea Fair Trade Commission (KFTC) has declared that since 2016, some of GTT’s commercial practices had not complied with its competition regulations and imposed a fine.
Thursday, 26 November 2020
Wärtsilä has signed support agreements for eight LNGCs owned by Teekay Gas, part of the Teekay Group.
Thursday, 12 November 2020
Free ReadWeak economic outlook fuelled by the COVID-19 pandemic has led to LNG exporters revisiting their strategies and capital expenditure (capex) plans for 2020. According to GlobalData, the fall in oil…
Thursday, 12 November 2020
The expected rise in demand for carbon-neutral LNG under de-carbonisation goals is pushing the sector to reduce CO2 emissions, driving LNG shipping advancement, Drewry Maritime Research said in a note.
Qatar and Singapore have signed the first long-term LNG contract to detail emissions.

News Nudges

Three Arc7s transit the NSR this month

The Arc7 LNGC ‘Christophe de Margerie’, chartered by the Yamal LNG project, successfully completed an independent passage along the Eastbound part of the Northern Sea Route (NSR) on the 16th January. She reached the Bering Strait in 11 days with an average speed of 9.6 knots. ‘Christophe de Margerie’ was followed by another Arc7 ‘Nikolay Yevgenov’, which is currently completing her independent passage along the NSR. Both LNGCs will deliver around 140,000 tonnes of LNG produced at Yamal LNG to Asia/Pacific destinations. Simultaneously, another Arc7 ‘Nikolay Zubov’, sailing in the opposite direction bound for Sabetta after offloading her LNG cargo, entered the Westbound ice route along the NSR on the 6th January and subsequently reached Ob Bay on the 17th January. According to NOVATEK, all three Arc7s transited the ice covered part of the NSR, without icebreaker support, along the navigational routes recommended by the Russian State Research Centre, Arctic and Antarctic Research Institute and Atomflot’s marine operations headquarters.


SCF takes delivery of Shell LNGC

On 15th January 2021, PAO Sovcomflot (SCF) took delivery of ’SCF Timmerman’, a new 174,000 cu m LNGC. On the same day, the vessel sailed on her maiden voyage under a long-term time charter to Shell, which will provide SCF with an additional $165 mill of contract backlog. She is the third vessel in a series of Atlanticmaxes ordered by SCF in 2018. NOVATEK also announced that a steel cutting ceremony took place at the Zvezda Shipbuilding Complex for a new Arc7 to be built to ship LNG from NOVATEK’s Arctic LNG 2 project. The Arc7 was ordered by SMART LNG, a joint venture between NOVATEK and SCF. Arctic LNG 2 and SMART LNG had previously signed charter agreements for 14 similar Arc7s to be built at Zvezda. In a brief statement on its social media channels, Flex LNG said that it will bring forward the delivery of the 174,000 cu m LNGC ‘Flex Volunteer’. She was originally scheduled for delivery at the end of February, 2021, but due to the strength of the charter market, the company has decided to bring the date forward to the second half of January. COSCO Shipping Energy Transportation (CSET) was said to have ordered three 174,000 cu m LNGCs at Hudong-Zhonghua shipyard. The LNGCs were said to be valued at around $185 mill. In the charter market, as well as the record daily rate paid for an LNGC (see page 1), Awilco LNG has won a timecharter for the 2013-built 156,000 cu m ‘WilPride’. Due to start in the first half of February, the charter is for between two and three months, and will generate revenues of $10.3 mill to $14.3 mill. With an estimated breakeven of $58,000 per day, Awilco said the contract is estimated to generate liquidity of between $6.2 mill and $8.6 mill. Gas prices and spot LNG shipping rates have recently increased dramatically for several reasons, including cold weather, various production disruptions and fleet inefficiencies. Forward gas prices for the remainder of 2021 have recovered together with the predicted shipping rates. Awilco’s 2021 financial results are expected to improve on 2020, the company said.


For DNV GL read DNV

DNV GL, an assurance and risk management company with an interests in LNGCs, will change its name to DNV on 1st March, 2021. This move comes after a comprehensive review of the company’s strategy as it positions itself for a world in which many of DNV’s markets are undergoing fundamental change. The current name has been in place since the 2013 merger between DNV (Det Norske Veritas) and GL (Germanischer Lloyd).


LNGCs bridge windows protected

UK South Shields based Solar Solve has supplied its SOLASAFE roller sunscreens, to a series of eight LNGCs, built by Hyundai Heavy Industries (HHI). All of the 174,000 cu m vessels were constructed to exactly the same design and destined for Greek shipowners/managers Capital. SOLASAFE roller sunscreens are type approved by the four major class societies and tjhey are guaranteed for seven years. They are installed on the navigation bridge windows as a safety aid. When in use they will reject up to 87% of the infra-red light (heat), 99% of the UV light and 93% of the glare that passes through the windows into the enclosed space, significantly improving the working environment for the personnel inside. Solar Solve supplied 192 x 845 SOLASAFE screens to HHI during 2020, were installed at the wheelhouse windows of the eight LNGCs. Another 653 screens were installed on a further 33 vessels of various types.