LNG

Avenir LNG, the London-headquartered global energy supplier for small-scale projects and gas carriers, has awarded the management of three LNG bunker vessels to Wilhelmsen Ship Management of Norway.

Avenir LNG, the Norwegian-listed small-scale LNG project developer and vessel owner, has taken delivery of the “Avenir Achievement” as it expands its small-scale terminal and carrier business.

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.