LNG

Oct 29 (LNGJ) - Shipping charter rates for LNG carriers in the spot market increased over the past week by a further $20,000 per day. Rates were quoted at an average of between $100,000 per day and $110,000 per day West of Suez. The same levels of spot rates were also talked about for the East of Suez charter market for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers.

Despite newbuild deliveries at an all-time high and a closed West-East arbitrage window, spot market rates are presently at an all-time high and there is optimism in the industry, according to the small Norwegian fleet owner Awilco.

LNG shipping day rates started the second quarter at $55,000 and $38,000 for West and East of Suez respectively before rising through the mid-year on the West-East arbitrage window being opened by higher Asian natural gas prices.

April 27 (LNG) - Flex LNG said it was considering entering a transaction for the acquisition of two M-type, electronically-controlled, gas-injection (MEGI) LNG carriers currently under construction at Daewoo Shipbuilding and Marine Engineering in South Korea and scheduled for delivery in the second and third quarters of 2019. The Flex ships would be purchased from affiliates of its biggest shareholder Geveran Trading, indirectly controlled by trusts established by the Norwegian shipping tycoon John Fredriksen. Flex has already partially financed the deal for the two ships through a private placement of shares to raise around $125 million at 12 Norwegian crowns ($1.40) per share. The Nordic investment banks and broking companies Arctic Securities, DNB Markets, Fearnley Securities AS and Pareto Securities acted as joint lead managers in the placement.