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.

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.