LNG

Sea-LNG, a global coalition led by energy and shipping companies backing the increased use of liquefied natural gas as a maritime fuel, said the LNG and energy Port of Corpus Christi, the largest in the United States by total revenue tonnage, has become the latest member.

The Port of Corpus Christi in Texas is the fourth North American port to join the coalition but is the first port located on the strategic, energy-rich Gulf of Mexico.

Since launching in July 2016, Sea-LNG’s membership has grown from 13 to more than 40 members from leading global companies,
“The Port of Corpus Christi is one of the United States’ leading energy ports, and has been quick to appreciate the importance of LNG into its bunker offering,” said Peter Keller, Chairman of Sea-LNG.

“ We’re delighted to welcome this forward thinking and innovative port into our membership at a time when the maritime sector continues to aggressively work to decarbonise its operations as well as reduce local emissions harmful to human health,” added Kellner.

The Port of Corpus Christi’s decision to join Sea-LNG was a part of its commitment to environmental stewardship.

The Port purchases 100 percent of its power from renewable sources, is upgrading its vehicle fleet to electric and hybrid technology, and is creating a technological advancement programme for emissions control and decarbonisation.

“As the leading energy port in the Americas, the Port of Corpus Christi considers LNG indispensable in our energy export portfolio, with the expansion of local operations helping to propel the United States as a top global LNG exporter,” said Port of Corpus Christi Chief Executive Sean Strawbridge.

“By joining Sea-LNG, we’re sending a clear message that LNG as a marine fuel aligns with our ambition to strengthen our competitiveness in LNG as a leading fuel for the transport sector,” added

Sea-LNG has members across the entire LNG value chain including providers of the product, users, engine and asset suppliers, and class societies.

The group is already recognised as an international leader in LNG matters. Each member organisation commits mutually agreed human resources, data analysis and knowledge sharing.

Sea-LNG said it regarded itself as a driver in a multi-sector industry aiming for a global adoption of LNG to create cleaner shipping by 2025.

Sea-LNG’s other members include: ABS, Carnival Corp., Chart Industries, Clean Marine Energy, DNV GL, Eagle LNG Partners, Fearnleys, FortisBC, Gasum AS, GE Marine, GTT, JAX LNG, “K” LINE Group, Lloyd’s Register, Maritime and Port Authority of Singapore (MPA) and NYK Line.

The membership list additionally includes The Port of Long Beach, Port of Rotterdam, Port of Virginia, Qatargas, Shell, Société Générale, Sohar Port & Freezone, Stabilis Energy, Sumitomo Corp., Total, TOTE Inc., Toyota Tsusho, Uyeno Group of Companies, Vancouver Fraser Port Authority, Wärtsilä, and Yokohama-Kawasaki International Port Corp.

March 5 (LNGJ) - Shipping charter rates for LNG carriers in the spot market have fallen again amid the global over-hang of volumes. Rates were quoted at an average of between $39,000 per day and $34,000 per day West of Suez and $38,000 per day and $33,000 per day East of Suez for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers. One-year time charters for vessels of between 155,000-160,000 cubic metres capacity were seen at around $61,000 per day.

Shipping spot charter rates for the liquefied natural gas market have reached a high for 2019 with quotes from brokers of around 100,000 per day or more.

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.