LNG

Shipping traffic in the Red Sea area has dropped significantly in the first five months of 2024 as Western responses to Iran-backed terrorism have not had the required results and have now led to the acceptance of the adverse economic effects of oil and gas tankers and containerships having to take alternative routes.

French LNG storage technology company GTT Group said its smart shipping unit Ascenz Marorka had been selected to provide advanced weather routing solutions for Monaco-based Greek company Latsco Shipping with a fleet of 36 vessels.

Latsco’s fleet mainly comprises chemical and liquefied petroleum gas vessels.

The accord will equip eight Latsco vessels with the Ascenz Marorka monitoring after a comprehensive market analysis and an extensive one-year testing phase on two of Latsco’s ships.

Optimal routes

Ascenz Marorka explained that the weather routing solution defines optimal shipping routes by integrating multiple operational, economic and environmental variables, while taking into account a wide range of operational and regulatory constraints.

This solution is compatible with various vessel types and propulsion systems, regardless of the fuel source chosen.

Latsco already uses the Ascenz Marorka Sloshield and Smart Shipping solutions to monitor in real time sloshing activity inside LNG cargo tanks by fixed motion sensors as well as boil-off performance of the containment system during operations.

Ascenz Marorka’s platform allows technical operators to monitor the performance of various systems such as the cargo or reliquefaction plants.

It also provides guidance to avoid roll-over when loading LNG of different densities

“We are honoured by the trust that Latsco places in us to support them in their journey towards digitalisation,” said Anouar Kiassi, Managing Director of Ascenz Marorka.

“We are delighted to work hand in hand with a ship-owner who values technology and innovation to achieve major decarbonisation goals,” he added.

Assessment

George Mavrogenis, Marine Manager of Latsco, said the Ascenz Marorka platform's features were thoroughly assessed for deliverables and ease of application.

“We evaluated its operational and safety navigation aspects, confirming it integrates seamlessly into daily practices, ensuring both efficiency and safety in our maritime operations” he stated.

Iasonas Zacharioudakis, Operational Technology and Energy Manager of Latsco, said he was impressed with the structured and thorough evaluation process, developed with Ascenz Marorka, to test new technologies.

“This process aimed to assess accurately the capabilities of this promising technology, considering the significant challenges in modelling ship navigation,” Zacharioudakis explained.

“Our goal is to enhance sustainability, improve environmental operations and optimise our environmental footprint,” he added.

NextDecade Corp., the company developing the Rio Grande LNG export plant on the north shore of the Brownsville Ship Channel in South Texas, has given an update on strategic activities through the early second quarter of 2024.

Alfa Laval, the Swedish specialist company offering maritime equipment for heating, cooling and gas solutions and exhaust cleaning among many other pieces of equipment, has signed an accord with South Korean shipyard K-Shipbuilding (KSB) for Alfa Laval’s OceanGlide product.

Awilco LNG, the small Norwegian-based shipping provider with two vessels, managed to swing back to profit in the third quarter as the ships returned from dry dock and said that overall LNG shipping market rates were still at healthy levels though vessels may soon be used for storing LNG with land-based facilities full in the European Union.

The Panama Canal Authority has further reduced ship transits because of drought blamed on the “El Niño” weather effects to 24 vessels in November and booking slots will be cut to 22 ships in December, hitting LNG, oil and containership traffic on the Atlantic-Pacific Basin crossings and sending bidding for slots up to $2 million or more as waiting times grow to more than a week.

QatarEnergy said it delivered the 1,000th liquefied natural gas shipment to the South Hook LNG Terminal at the Welsh port of Milford Haven on the southwest coast of the United Kingdom.

Luxembourg private equity group CVC Capital Partners has struck a deal to take over the Netherlands-based infrastructure group DIF Capital Partners with its investments in LNG carrier newbuilds.

CVC, a leading global markets asset management firm focused on private equity, is acquiring a majority stake in leading infrastructure manager, DIF Capital Partners and providing a commitment to acquire the remaining shares over time.

This combination creates a global private markets manager based in the European Union with around €177 billion ($190.2Bln) of total assets under management.

DIF is headquartered in Amsterdam with €16Bln of assets under management, a team of over 225 professionals across 11 offices and operating two different investment strategies.

Founded

The Dutch firm was founded in 2005 and has built a leading position in mid-market infrastructure investments, primarily in Europe, North America and Australia.

DIF has a 31 percent stake in five LNG carrier with capacities of 174,000 cubic metres.

The vessels are on long-term contracts and fly the French flag.

A statement said that the tie-up with CVC would help accelerate growth as DIF continues to deepen and widen its investment capabilities and geographic reach.

DIF will continue to be led by its current Chief Executive and Partners and it would operate under the DIF brand.

“Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies,” said CVC Chairman and Co-Founder Rolly van Rappard.

Growth

“We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth,” Van Rappard added.

Wim Blaasse, CEO and Managing Partner at DIF said he was pleased with the CVC tie-up.

“This transaction enables us to benefit from CVC’s global platform, scale and investor relationships, and to double down on important infrastructure sectors like Energy Transition and Digitalisation while retaining independence over our investment decisions,” stated Blaasse

The transaction is subject to regulatory and other consents and is expected to close in the fourth quarter of 2023 or the first quarter of 2024.

The Dutch works council of DIF has been informed and positively advised on the transaction.

Advisers to CVC in this transaction included JPMorgan. DIF’s advisers included, among others, Morgan Stanley & Co. Plc, Loyens & Loeff, PwC and De Brauw.

The first major tropical storm and cyclone warning was issued by the US National Oceanic and Atmospheric Administration’s National Hurricane Center in Miami as a storm developed strength in the Eastern Caribbean, though was unlikely to travel far beyond that region in what is an early start to the hurricane season.

Winterthur Gas & Diesel (WinGD), the leading Swiss developer of low-speed gas and diesel engines for marine propulsion, has received orders from two LNG carrier operators for its WinGD Integrated Digital Expert (WiDE) engine monitoring, diagnostics and remote support service.