LNG

Avenir LNG, the London-headquartered global energy supplier for small-scale projects and gas carriers, has signed a Time Charter Party with Vitol International Shipping, a unit of the global commodities company.

The floating LNG import terminal operating company in the South American nation of Colombia said LNG deliveries reached record levels to respond to the increase in demand for gas-fired power as drought conditions caused by the “El Niño” phenomenon reduced hydro-electric supplies.

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.

Norwegian companies Höegh LNG and Aker BP have entered a strategic partnership to develop a carbon transport and storage offering for industrial carbon-dioxide emitters in Northern Europe.

Stolt-Nielsen Ltd, the Oslo-listed and London-based owner of a small tanker fleet including for LNG through its stake in Avenir LNG, reported a second-quarter net profit of $113.3 million before an incremental loss provision of $155M related to the “MSC Flaminia” fire back in 2012.

June 21 (LNGJ) - Klaipeda Nafta (KN), the Lithuanian energy company and operator of the floating storage and regasification unit (FSRU) “Independence” berthed at the Baltic port of Klaipeda, said the vessel would be entering drydock for inspection and repairs before Lithuania takes over ownership at the start of 2024 from Höegh LNG. “Since the size of the vessel ‘Independence’ requires a large dock, which is not available in Klaipeda and neighbouring ports, it will be sent to one of the southwestern European ports,” said the company.

   “We estimate that since the beginning of LNG operations (in 2014), the terminal has regasified and supplied 12 billion cubic metres of natural gas to the market,” said Mindaugas Navikas, KN’s Director of Commerce. “In the last year alone, the LNG terminal has been operating at almost maximum regasification capacity. Therefore, the reliable operation of such a strategic infrastructure and, accordingly, the highest level of maintenance is our priority,” Navikas stated.

Höegh LNG Ltd, the owner and operator of 13 LNG vessels including floating storage and regasification (FSRU) units, said it was focusing ensuring that FSRU projects commence operations as planned for customers in Germany, France and Brazil over the coming months as it posted increased profits.

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.

Höegh LNG Holdings, the owner of 10 floating storage and regasification units and two conventional LNG carriers, reported net losses for the fourth quarter and the year during a busy period as three vessels were prepared for FSRU operations in Germany and Brazil.

German Chancellor Helmut Scholz has led an inauguration ceremony for the nation’s first LNG floating storage and regasification unit (FSRU), the “Höegh Esperanza”, at the North Sea port of Wilhelmshaven.