LNG

GasLog, the Greek LNG shipping company, is expanding its fleet by ordering four newbuild 174,000 cubic metres-capacity for delivery in 2024 and 2025.

GasLog Ltd is ordering 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.

The 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.

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

GasLog Partners in November 2021 reported a third-quarter increase in revenues and profits as global demand gathered pace.

The partnership said income jumped 11 percent to $80.53M from $72.8M in the same quarter to the end of September in 2020.

At the end of October GasLog Partners said it completed the sale and lease-back of the “GasLog Shanghai”, with 155,000 cubic metres capacity, to China Development Bank Leasing.

GasLog noted that headline spot rates in the third quarter benefited from LNG demand growth from Asia as well as longer than average wait times at the Panama Canal.

Sept 11 (LNGJ) - LNG cargoes were pointing at China and India with mid-September deliveries as the Japan-Korea Marker for spot cargoes was strengthening ahead of the winter season relative to values earlier in 2020. The JKM price for October deliveries was last at $4.310 per million British thermal units and November was at $4.475 per MMBtu, while December was quoted at $5.075 per MMBtu. Oil-linked long-term LNG prices are still at around the $7.000 per MMBtu mark with oil at $40 a barrel.

   The 160,000 cubic metres capacity “Asia Vision” was scheduled to deliver a cargo on September 14 to the Dapeng terminal on Guangdong province’s Pearl River Delta from the Woodside-operated Dampier terminal in Western Australia, according to shipping data. The 155,000 cubic metres capacity “GasLog Shanghai” was delivering a US cargo to the Dahej terminal in India in the coming week from the Corpus Christi plant in Texas. The 174,900 cubic metres capacity “LNG Abalambie” was scheduled to discharge a shipment on September 22 at the Chinese port of Tianjin from the Bonny Island plant in Nigeria.

The Cheniere Energy-owned Corpus Christi LNG export plant in Texas is the first of the four US Gulf Coast-based facilities to recommence cargo liftings since activities were temporarily halted as Hurricane Laura approached last week, while seven LNG carriers are standing by in the Gulf to load.

The Corpus Christi plant began loading cargoes again just two days after the hurricane made landfall farther north in the Gulf of Mexico near Lake Charles on the Louisiana-Texas border.

The first cargo was loaded on August 30 onto the 177,200 cubic metres capacity “Sohshu Maru”, with another cargo being taken by the 140,645 cubic metres capacity “Golar Arctic” and a third on August 31 by the 155,000 cubic metres capacity “Gaslog Shanghai”, according to shipping data.

Renewed cargo liftings helped to boost Gulf Coast LNG cargo futures to their highest levels in 2020. These are settled derivatives contracts available through to October 2022 and based on the average free-on-board (FOB) cargo prices.

The value of a US GCL cargo for October 2020 rose to $3.600, up from $3.250 per MMBtu on August 31, while November jumped to $4.486 from $4.347 per MMBtu.

The December GCL contract increased to $4.973 per MMBtu from $4.905 per MMBtu on August 31.

Before the Corpus Christi plant began cargo liftings the last cargo loaded in the GoM had been on August 23, the shipping data showed.

There were also seven unladen LNG carriers on September 2 either in a holding pattern offshore or entering the Gulf.

Other plants were also on the way back. Cheniere said that a comprehensive facility and operational assessment of its Sabine Pass plant in Louisiana, the largest facility in the US with 22.5 MTPA of nameplate capacity, had revealed no significant damage as a result of the hurricane.

“Cheniere has started to execute on its plan to restart LNG production at Sabine Pass,” said the company.

Sempra Energy, the owner of the Cameron LNG export plant in Louisiana, said its teams had been able to conduct preliminary visual inspections of the Cameron facility and the site of the proposed Port Arthur LNG project in Texas and of other infrastructure in the region.

“The initial evaluation indicates minimal flooding and no catastrophic wind damage,” said Sempra.

“Thorough inspections are planned pending confirmation of sufficient site safety and security. The team at Cameron LNG is committed to the restoration of full operations as soon as safely practicable,” added the company.

Venture Global, the Virginia-based company developing three liquefaction and export plants in Louisiana, said its Calcasieu Pass facility under construction in Cameron Parish had sustained minimal impacts from the hurricane, which passed directly over the project site.

“A walk-through inspection of most areas of the site following the storm confirmed that the project site’s robust storm protection system, including a perimeter wall and storm water pumping system, performed as designed,” said Venture Global.

“While we are relieved by the minimal impacts to Calcasieu Pass LNG, we are mindful that the surrounding communities of Cameron and Lake Charles have suffered significant damage from this powerful and historic storm,” the company added.

GasLog Ltd, the Monaco-based LNG fleet owner and operator with 19 vessels and with another 15 ships held by its US affiliate GasLog Partners, reported that the forecast tightening of the LNG shipping market had come to pass with increasing US output and the seasonal uptick in demand for natural gas.

The liquefied natural gas shipping sector expects a steady improvement after spot charter day rates dropped to a low of $40,000 per day in the first quarter after winter peaks of more than $180,000 per day as companies now focus on filling new US project shipment demands and forthcoming cargo tenders for Argentina in the Southern Hemisphere winter.

May 2 (LNGJ) - The 155,000 cubic metres capacity vessel “Gaslog Shanghai” is unloading a cargo on May 2 at the French Channel port terminal of Dunkirk from the Peruvian export plant at Pampa Melchorita, according to shipping data. Another Gaslog vessel, the 174,000 cubic metres capacity “Gaslog Greece”,has lifted a cargo from the Shell Queensland Curtis plant in eastern Australia for delivery on May 12 to the Zheijang terminal in China.

May 17 (LNGJ) - The 138,088 cubic metres capacity “Berge Arzew” has left Algeria with a cargo for the Isle of Grain import facility in Kent and due for delivery on May 22, according to shipping data. The 155,000 cubic metres capacity “GasLog Shanghai” has just departed the Cheniere Energy US export plant at Sabine Pass in Louisiana for an as yet unconfirmed destination. The 145,000 cubic metres capacity “Pacific Enlighten” has just unloaded a delivery at the Japanese import facility at Kitakyushu from the Woodside-operated export terminal at Dampier in Western Australia.