LNG

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.

French liquefied natural gas storage technology firm and smart-shipping services supplier, Gaztranzport and Technigaz (GTT), has signed two technical services agreements for ships owned by Jovo Group of China.

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.

COSCO Shipping Energy Transportation of China has ordered three liquefied natural gas newbuilds from Hudong-Zhonghua Shipbuilding of Shanghai to take its future fleet numbers up to 44 LNG vessels.

COSCO gave details in a statement to the Hong Kong stock exchange of the payments plans for the vessels and delivery dates.

The company said that the combined price of the three vessels would be $554 million.

“The board is pleased to announce that on 7 December 2021, ‘United Auspicious LNG’, ‘United Peace LNG’ and ‘United Success LNG’ (each being a wholly-owned subsidiary of United Liquefied Gas Shipping, an indirect non-wholly-owned subsidiary of the Company) entered into the shipbuilding contracts with Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading,” added the statement.

The indirect non-wholly owned subsidiary of COSCO, United Liquefied Gas Shipping, is owned 81 percent by the company and the 19 percent balance is held by PetroChina International.

Growing fleet

COSCO currently has an LNG fleet of 41 LNG carriers in total, of which 38 are in operation with a shipping capacity of 6.42 million cubic metres.

COSCO noted that its LNG shipping projects involved two subsidiaries, COSCO Shipping LNG Investment (Shanghai), a wholly-owned subsidiary, and China LNG Shipping (Holdings) of which COSCO has a 50 percent stake.

The newbuilds just ordered each have capacity of not less than 174,000 cubic metres and guaranteed deadweight of 80,000 metric tons at design draught each.

“Pursuant to the shipbuilding contracts, the consideration for each of the vessels is approximately US$185 million,” said COSCO.

“The price of each of the vessels is payable in four instalments of 10 percent, 10 percent, 10 percent and 70 percent, respectively based on the shipbuilding progress,” added the company.

COSCO said that the fourth instalment of 70 percent could be adjusted to take account of certain issues such late delivery and performance deficiencies of the vessels.

The company said the cost of the three newbuilds would be funded by the group with 80 percent bank borrowings and around 20 percent from financial resources.

“The delivery of the three vessels is expected to take place on a date no later than 30 September 2024, 31 December 2024 and 31 March 2025, respectively,” the statement concluded. 

Teekay LNG Partners has become the latest fleet owner to be targeted by a US investment fund with Stonepeak Infrastructure Partners setting up a deal worth $6.2 billion to acquire the Bermuda-based shipping line, which has a large portfolio of vessels under charter contracts and part ownership of a Middle East LNG import terminal.

Teekay LNG Partners, whose gas group units own, charter or have stakes in 77 vessels, including 47 liquefied natural gas carriers and 30 liquefied petroleum gas or multi-gas vessels, reported a first-quarter net profit following a loss in the year-ago period as voyage revenues also jumped.

First-quarter net income attributable to partners and preferred unit holders swung to a profit of $87.59 million from a loss of $32.90M in the prior-year period.

Voyage revenues increased 9 percent in the first quarter to $152.80M versus the $139.88M in the in the same three months of 2020.

“Results were positively impacted by operational claims under the Partnership’s charter contracts, lower repairs and maintenance expenses and lower net interest expense during the first quarter of 2021,” said the company.

“These increases were partially offset by redeployment of certain LNG carriers at lower rates and unscheduled off-hire for repairs,” added Teekay.

Teekay said it secured three LNG charters during March and April 2021, increasing the Partnership's LNG fleet to 98 percent fixed for the remainder of 2021, and 89 percent fixed for 2022.

In its chartering activities, the Partnership in April 2021 secured a fixed-rate charter contract for the “Oak Spirit” LNG carrier, which is expected to commence in August or September 2021, for a period of one-year.

In March 2021, a one-year, spot market-linked charter contract, with a one-year, fixed-rate option was arranged for the “Creole Spirit” LNG vessel.

Both of the vessels are modern, next generation, large LNG carriers with two-stroke engines with M-Type Electronically Controlled Gas Injection (MEGI).

As regards the dual-fuel, diesel-electric powered carrier, “Arwa Spirit”, which is 52 percent-owned by Teekay, the company said the charterer had exercised its one-year option to extend the contract to May 2022 at a fixed-rate.

“The strength of our fixed-rate LNG contract portfolio was evident again this quarter as Teekay LNG continued to generate strong earnings and cash flows even as the broader spot LNG shipping market declined from the high levels experienced during the recent winter period,” said Mark Kremin, President and Chief Executive of Teekay Gas Group Ltd.

“This decline was short-lived, however, as LNG demand rebounded counter-seasonally in late-March and into the second quarter of 2021,” added Kremin.

“We were able to take advantage of this strength by chartering out three LNG vessels, including one on a 12-month spot market-linked contract that allows us to achieve full utilization of the vessel while also retaining upside to strong markets,” stated the CEO.

Flex LNG, the growing Norwegian-listed fleet owner backed by shipping magnate John Fredriksen, posted a first-quarter loss of $14.87 million as vessel operating revenues also fell.

GasLog Ltd, the LNG carrier fleet owner with 36 ships split with its US affiliate GasLog Partners, posted a first-quarter 2020 loss as LNG demand faced multiple headwinds.

Flex LNG, the growing LNG shipping company with four vessels operating and nine others on order and whose largest shareholder is a trust firm controlled by Norwegian magnate John Fredriksen, has formally filed with the US Securities and Exchange Commission to be listed on the New York Stock Exchange.