LNG

Avenir LNG’s dual-purpose bunkering and supply vessel the 7,500 cubic metres capacity “Avenir Aspiration” has again called at the Higas terminal located on the Italian island of Sardinia as the start of commercial operations progress.

The Higas facility is a small-scale LNG import, storage and distribution facility in the port of Oristano in Sardinia.

Avenir LNG holds 80 percent of the equity in Higas and is working with established local partners Gas & Heat and CPL Concordia who each hold a 10 percent stake in the facility.

The “Avenir Aspiration” discharged the cargo and has now departed and was heading for Spain, according to shipping data.

The Higas terminal includes a jetty capable of receiving LNG vessels up to 20,000 cubic metres of capacity, an unloading arm, six horizontal cryogenic holding tanks of 1,500 cubic metres capacity each, two LNG truck-loading bays and a natural gas power generation system.

It has already started the sales and distribution of LNG truckloads to a number of customers.

Avenir itself is a joint venture owned by London-based Stolt-Nielsen and partners Höegh LNG and Golar LNG Ltd. The company's activities include building a fleet of small-scale LNG carriers.

Charter

Avenir LNG at the end of December 2021 announced it would charter one of its small-scale LNG carriers to Shell after it is delivered from a Chinese shipyard in 2022.

Avenir said it had entered into a Time Charter Party (TCP) with Shell North America LLC for the “Avenir Achievement”, a newbuild with 20,000 cubic metres capacity.

The supply vessel is expected to be delivered to Avenir in the second quarter of 2022 and the time charter to Shell is expected to begin at the start of 2023 for a period of three years and with an option to extend for up to five years.

This charter, including options, increases Avenir’s overall vessel charter revenues backlog to $81.0 million as of December 2021.

Avenir noted that the small carrier is equipped with boil-off gas reliquefication and simultaneous operations (SIMOPs) capabilities, “making her the world’s largest, most efficient and versatile LNG bunkering vessel” available.

Avenir LNG, the Norwegian-listed LNG operator and vessel owner, will charter one of its small-scale LNG carriers to Shell after it is delivered from a Chinese shipyard next year.

Avenir said it had entered into a Time Charter Party (TCP) with Shell North America LLC for the “Avenir Achievement”, a newbuild with 20,000 cubic metres capacity.

Avenir is a joint venture owned by London-based Stolt-Nielsen and partners Höegh LNG and Golar LNG Ltd.

The supply vessel is expected to be delivered to Avenir in the second quarter of 2022 and the time charter to Shell is expected to begin at the start of 2023 for a period of three years and with an option to extend for up to five years.

This charter, including options, increases Avenir’s overall vessel charter revenues backlog to $81.0 million as of December 2021.

“The vessel will be equipped with boil-off gas reliquefication and simultaneous operations (SIMOPs) capabilities, making her the world’s largest, most efficient and versatile LNG bunker supply vessel,” said Avenir.

Commenting on the deal, Peter Mackey, Chief Executive of Avenir, said he was delighted with the charter deal and to see “Avenir Achievement” playing an important role in expanding Shell’s LNG bunkering capabilities.

“This deal marks another major achievement in Avenir’s development as we fix the last vessel in our current newbuilding programme. We are thrilled to welcome a world-class organisation like Shell as the latest customer for Avenir,” added Mackey.

In its most recent earnings, Avenir posted a nine-month operating profit of $291,000 compared with an operating loss of $4.84 million in the same period of 2020.

There was a narrowing of Avenir’s net losses for the first nine months of 2021 to $1.28M versus $4.32M in the same prior-year period for the business focused on providing infrastructure to support the development of LNG as a marine fuel and supplying the off-grid power generation and transport fuel sectors.

Avenir’s revenues increased by $9.7M compared with the previous nine months of 2020 to $10.5M following the delivery of its first two small-scale LNG carriers, the “Avenir Advantage” and the “Avenir Accolade”, in October 2020 and March 2021 respectively.

Avenir LNG, the small-scale LNG supplier with an import terminal on the Italian island of Sardinia and a small fleet of vessels, has just reported a positive operating profit for the first nine months of 2021.

The Norwegian small-scale LNG business of Stolt-Nielsen and partners Höegh LNG and Golar LNG has taken delivery of another gas supply and bunkering vessel (LBV) from the Keppel Offshore and Marine shipyard in the Chinese port of Nantong.

The Nordic joint venture called Avenir LNG has named its second 7,500 cubic metres capacity dual-purpose LBV, the “Avenir Accolade”, and it is now available.

The company said the “Avenir Accolade” would enter a three-year bareboat charter to LNG Power Limited, a subsidiary of Hygo Energy Transition to support Hygo’s developments in northeast Brazil.

This is the Avenir joint venture’s first entry into the Latin American LNG market.

Stolt-Nielsen, whose headquarters are in London, started up the small-scale LNG sector firm Avenir in 2015 and its two main investors, Golar and Höegh, each have 22.5 percent of Avenir.

The company said that the “Avenir Accolade” would soon be delivering LNG to Hygo’s customers along the Brazilian coastline.

“Fitted with specialised LNG handling equipment, she will be capable of unloading LNG directly into trucks for onward distribution across Brazil,” said Avenir.

The Hygo company was formerly known as Golar Power and is being acquired by New York-Based New Fortress Energy.

In addition to the growing small-scale LNG fleet, Avenir has an 80 percent stake in a small-scale LNG import project on the Italian island of Sardinia and set to start up soon.

Peter Mackey, Chief Executive of Avenir, said the company strategy was progressing on schedule.

“This is a transformational year for Avenir LNG as we commission our onshore LNG terminal in Sardinia in the coming weeks and continue to expand our fleet with the addition of four more newbuild vessels by year-end,” Mackey explained.

Avenir’s largest bunkering vessel, the “Avenir Allegiance” with 20,000 cubic metres capacity, entered the water in January 2021 at the Zhoushan Changhong Sinopacific shipyard in China’s eastern Zheijang province.

That vessel is scheduled to be delivered from the yard in the third quarter of 2021 and will join the Avenir fleet as the world’s largest LNG bunkering vessel.

Avenir’s first newbuild delivery, the “Avenir Advantage”, took place in October 2020 and has now been followed by the “Avenir Accolade” with other newbuilds, including one named the “Avenir Allegiance”, lined up for delivery during 2021. 

Avenir LNG, a company owned by Norwegian shipping and infrastructure operators, said its newest 20,000 cubic metres capacity LNG bunkering vessel has been launched in China and it would be delivered later in 2021.

The “Avenir Allegiance” entered the water at the Zhoushan Changhong Sinopacific Shipyard Co. in China’s eastern Zheijang province.

“The vessel is scheduled to be delivered from the yard in the third quarter of this year and she will join the Avenir LNG fleet as the world’s largest LNG bunkering vessel,” said Avenir.

Avenir is a joint venture owned by London-based Norwegian shipping and storage company Stolt-Nielsen and its peer fleet owners and project companies, Höegh LNG and Golar LNG.

The company said that the “Avenir Allegiance” would be Cayman Island-flagged and is the fourth of six newbuilds delivered to Avenir.

Avenir’s first newbuild delivery, the “Avenir Advantage”, took place in October 2020 and will be followed by the “Avenir Accolade”, the “Avenir Aspiration”, the “Avenir Allegiance”, the “Avenir Ascension” and the “Avenir Achievement” during 2021.

“We are delighted to see the latest, and largest, vessel in the Avenir LNG fleet being successfully launched by our partners CIMC SOE,” said Peter Mackey, Chief Executive of Avenir LNG Limited.

“We look forward to taking delivery of the ‘Avenir Allegiance’ later this year,” he added.

Avenir CEO Mackey stated that as the largest LNG bunkering vessel in the world, the “Avenir Allegiance” was a clear demonstration of Avenir’s commitment to developing new LNG supply chains.

“She will play a critical role in helping the shipping industry to transition to LNG as a more environmentally sustainable fuel,” stated Mackey.

“The ‘Avenir Allegiance’ will operate as both an LNG bunkering vessel and an LNG supply vessel,’ explained the CEO.

“This highly flexible vessel underscores our strategy of simultaneously unlocking multiple new LNG markets with multi-functional assets.,” said Mackey.

Avenir is building up a fleet of LBVs vessels of between 7,500 cubic metres capacity and 20,000 cubic metres capacity.

Another of the LBVs, the “Avenir Advantage”, was delivered in November 2020 to the Future Horizon joint venture comprising Malaysia’s MISC Group and Avenir.

Additionally, Malaysian energy company Petronas has chartered the “Avenir Advantage” from Future Horizon for a period of three years.

Norwegian firm Stolt-Nielsen started up the small-scale LNG sector firm Avenir in 2015 and its two investors, Golar and Höegh, each have 22.5 percent of Avenir to Stolt-Nielsen’s 45 percent.

The experienced shipping partners of Avenir are aiming to build up the market in small-scale LNG supply to off-grid industry for power generation and transportation fuel, as well as providing infrastructure to support the development of LNG as a marine fuel.

Avenir additionally has an 80 percent stake in a small-scale LNG import project company Higas on the Italian island of Sardinia, while the local partners are Gas & Heat and CPL Concordia, each holding 10 percent of the Sardinia venture.