LNG

SEA-LNG, the coalition established to demonstrate the commercial and environmental benefits of LNG and the pathway it provides for cleaner shipping, has signed up Nikkiso Clean Energy and Industrial Gases (Nikkiso CEIG) is the latest member company.

Nikkiso supplies equipment, technologies and engineering services to support the safe operation of LNG as a marine fuel.

“SEA-LNG’s membership will open up networking and collaboration opportunities for Nikkiso to support its work on cryogenic pumps and process systems as well as broader cryogenic services,” said a statement.

The group also works on heat exchanger systems and Nikkiso Turboexpander systems and has experience in boil-off-gas management for LNG fuelled vessels, methane slip mitigation, and integrated LNG fuel gas supply systems.

Wide options 

Peter Keller, Chairman of SEA-LNG, said that to achieve its cleaner shipping targets the industry would require a basket of fuels and technology options.

“Collaboration across the entire LNG value chain, with companies like Nikkiso, ensures that LNG will have a place as a key part of that basket,” added Keller.

“As an important marine fuel, LNG can deliver on decarbonisation now with immediate greenhouse-gas emissions reductions and that provides a low risk, incremental pathway for decarbonisation through bio-LNG and renewable synthetic e-LNG,” he stated in looking well into the future.

Peter Wagner, Chief Executive of the Nikkiso CEIG, said the the group aimed to encourage the shipping industry to swiftly adopt LNG as a marine fuel, because it provides a readily and immediately available low-carbon clean energy.

“The fuel also has the physical properties to facilitate a more efficient ship construction integration compared to alternative fuels,” added Wagner.

“This enables the maritime industry to lower emissions by a further 20 percent on the basis of clean energy and efficient ship designs,” he said.

Gradual process

Steve Esau, Chief Operating Officer of SEA-LNG, concluded that the carbon-neutral fuel solutions would not arrive in a “big-bang” process and instead there would be incremental decarbonisation of existing assets as fuel production, transportation, storage and bunkering infrastructure and engine technologies develop.

“We are excited to welcome another new member whose innovative technology and engineering expertise supports the cost-effective operation of LNG as a marine fuel today,” stated Esau.

SEA-LNG is a UK-registered not-for-profit collaborative industry foundation serving the needs of its member organisations and is committed to furthering the use of LNG as an important, environmentally superior maritime fuel.

It has members across the entire LNG value chain including providers of the product, users, engine and asset suppliers and class societies.

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.