LNG

March 21 (LNGJ) - Chart Industries, the LNG and industrial gas equipment-maker, said it had joined with fleet owner GasLog LNG Services to study the development of a commercial-scale liquid hydrogen (LH2) supply chain leveraging GasLog’s latest development of a liquid hydrogen vessel and Chart’s experience in cryogenics and large-scale liquefaction solutions.

   “This collaboration with Chart Industries is our commitment to explore and support the use of hydrogen, via liquid form, to benefit industries and users globally,” explained GasLog Chief Executive Paolo Enoizi. “I have confidence that our combined experience from the cryogenic industries will ensure the safety and efficiency of novel liquid hydrogen supply chains across the world,” added Enoizi.

Seatrium Group of Singapore, formerly called Sembcorp Marine Ltd and renamed as Seatrium following its merger with Keppel Offshore & Marine, has made the successful delivery and hand-over of the Greek “FSRU Alexandroupoli” to be deployed offshore northeast Greece as part of a Balkans LNG supply hub.

Svitzer, a subsidiary of the Danish shipping group A.P. Moller-Maersk and a leading provider of towage, has signed a 15-year agreement to service Gastrade’s Alexandroupolis Independent Natural Gas System LNG terminal offshore the northeast coast of Greece.

Cool Company Ltd, the LNG shipping joint venture owned by Eastern Pacific Shipping, one major shareholder and investors who bought into an initial public offering, is moving forward with plans for a listing on the New York Stock Exchange and will require a temporary trading suspension.

CoolCo is becoming a speciality LNG fleet owner after arranging the phased acquisition of the company’s initial eight tri-fuel, diesel-electric (TFDE) LNG carriers in 2022.

There was then also a subsequent asset acquisition of four LNG carriers on November 10, 2022, from an affiliate of Eastern Pacific Shipping.

Prior to the listing on the NYSE, Coolco additionally altered its ownership structure as Golar LNG sold its stake.

Prior to February 28, CoolCo's 53.68 million shares were split between 26.79M (49.9 percent) owned by Eastern Pacific, 22.43M (41.8 percent) publicly owned after the IPO and 4.46M shares (8.3 percent) held by Golar LNG Ltd.

Golar LNG then announced that it had sold 4.46M shares in CoolCo to Mi Hong Yoon, a member of the CoolCo board, at a price of 130 Norwegian crown ($12.5) per share and a total of over $55 million.

Coolco said that regarding the previous public filing of a registration statement with the US Securities and Exchange Commission to list its common shares on the NYSE, the US regulatory review process has concluded.

“However, following this, the company has filed an acceleration request asking the SEC to declare its registration statement effective on March 14, 2023,” CoolCo explained.

Alterations

“In connection with the listing of the company’s shares on the NYSE and to facilitate the transfer of the company’s shares between the NYSE and Euronext Growth Oslo, the company will amend the registration structure for its shares,” said Hamilton, Bermuda-headquartered CoolCo.

The company noted that a trading suspension of the shares would be required in connection with the re-registration process.

Further, the company will change its ticker code on Euronext Growth Oslo from “COOL” to CLCO” when trading resumes following the trading suspension.

Coolco is currently finalizing the administrative processes in relation to the re-registration.

“Once these processes are concluded, the company will confirm the dates for the expected trading suspension and the listing date,” it added.

The German Federal Network Agency, the Bundesnetzagentur (BNetzA), has exempted Deutsche ReGas GmbH and its LNG import terminal project, Deutsche Ostsee, at the Baltic port of Lubmin from tariff and network access regulations.

Greece, the leading nation in liquefied natural gas shipping, has held a ceremony attended by the Greek and Bulgarian prime ministers marking the advancement of the Alexandroupolis floating storage and regasification unit (FSRU) and revealing that a second FSRU was planned.

Woodside Petroleum, the operator of the North West Shelf and Pluto LNG export plants in Western Australia, said first-quarter LNG sales revenues increased to US$2.04 billion from US$838 million in the prior-year quarter as plans advanced for liquefaction and feed-gas expansions.

GasLog Ltd, the Greek LNG shipping company, has announced executive changes at the top with the decision of Chief Executive Paul Wogan to retire from his position on March 9, 2022.

“He will remain, in an advisory role until June 30, 2022 to ensure a smooth transition,” said GasLog.

The GasLog board named Paolo Enoizi, currently Chief Operating Officer of GasLog Ltd and CEO of US affiliate GasLog Partners LP. As the new CEO of GasLog Ltd, effective March 10, 2022.

GasLog is currently expanding its fleet and has ordered four newbuild 174,000 cubic metres capacity vessels for delivery in 2024 and 2025.

GasLog Ltd ordered the vessels from South Korea shipyard Daewoo Shipbuilding and Marine Engineering.

The four newbuilds will have latest generation M-type Electronically Controlled, Gas Injection (MEGI) propulsion system.

GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.

Structure

GasLog’s ownership structure has three main shareholders in both companies, parent GasLog Ltd and subsidiary GasLog Partners LP.

They are the Greek Livanos family with 55 percent, the Monaco-based Onassis Foundation with 12 percent and BlackRock’s Global Energy and Power infrastructure fund (GEPIF), holder of 45 percent of the equity.

GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.

Subsidiary GasLog Partners LP owns 15 LNG carriers, including 10 tri-fuel-diesel-electric (TFDE) ships and five steam-turbine vessels.

The GasLog business has undergone a substantial overhaul in recent years to improve efficiency and to reduce overheads.

This followed its decision in November 2019 to move its headquarters from Monaco to the Greek port of Piraeus, home of its operational platform.

GasLog Ltd, which controls an LNG carrier fleet of 35 vessels, has made its first major foray into the debt securities market to lower interest on financing since the merger in mid-2021 with a unit of giant US investment US fund BlackRock.

GasLog Ltd entered into a Note Purchase Agreement with the US investment funds, the Carlyle Group and EIG Global Energy Partners, for a $325 million credit facility.

The Notes carry an interest rate of 7.75 percent and are due in 2029.

Carlyle’s global credit platform made the investment with capital primarily from its Infrastructure Credit Fund.

EIG extended its funding through various funds and accounts in the investment group’s direct lending division.

“GasLog anticipates drawing down the Facility in March 2022. The proceeds of the facility will be used to refinance the company’s 8.875 percent Senior Notes due in March 2022,” said GasLog.

“Any remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the private placement and/or general corporate purposes,” added the company, whose corporate headquarters are in Hamilton, Bermuda and operational base is in the Greek port of Piraeus.

GasLog completed a merger in June 2021 with BlackRock’s Global Energy and Power Infrastructure division and de-listed its common shares from the New York Stock Exchange.

The GasLog’s ownership structure has three main shareholders in parent GasLog Ltd and subsidiary GasLog Partners LP.

The Greek Livanos family owns 55 percent, the Monaco-based Onassis Foundation holds 12 percent and BlackRock Global Energy and Power infrastructure fund (GEPIF) owns 45 percent.

The GasLog Ltd, whose Chairman remains Peter G. Livanos, has an LNG fleet comprising 20 vessels, 12 dual-fuel, seven tri-fuel, diesel electric (TFDE) and one steam-turbine carrier.

GasLog Ltd subsidiary, GasLog Partners LP and whose Chief Executive since August 2021 has been Paolo Enoizi, owns 15 LNG carriers, including 10 TFDE ships and five steam-turbine vessels.

The contracted revenue backlog at the end of June 2021 for the Partnership’s fleet was more than $660M and the average age of the vessels was nine years.

Höegh LNG Partners, the US affiliate of Höegh LNG Holdings now partnered with the infrastructure unit of US investment bank Morgan Stanley, has seen its shares plunge over 60 percent after the dividend was slashed.