LNG

Avenir LNG, the Norwegian small-scale LNG business, said the carrier “Avenir Accolade” would deliver the commissioning cargo to the latest Italian regasification terminal on the Mediterranean island of Sardinia after making its way from Asia.

Avenir, a joint venture between London-based Stolt-Nielsen and partners Höegh LNG and Golar LNG Ltd., took delivery of the 7,500 cubic metres capacity dual-purpose LBV “Avenir Accolade” in March 2021 from the Keppel Offshore and Marine shipyard in the Chinese port of Nantong.

The “Avenir Accolade” has an overall length of 124 metres and her beam is 18 metres.

Avenir said a ship-to-ship bunkering of the “Avenir Accolade” was carried out on April 26 by its sister ship, the “Avenir Advantage”, off Pengerang in the southern part of Peninsular Malaysia.

The Maltese-flagged “Avenir Accolade” is scheduled to transit the Suez Canal on May 15 into the East Mediterranean, according to shipping data.

“We’re thrilled to see the ‘Avenir Advantage’ alongside the ‘Avenir Accolade’, the first time they are back together since leaving the shipyard in Nantong,” said Peter Mackey, Chief Executive of Avenir LNG Ltd.

Schedule

“We look forward to welcoming the ‘Avenir Accolade’ to our HIGAS terminal in Sardinia in a few weeks’ time with the commissioning cargo onboard,” added Mackey.

“We continue to make significant strides in executing our strategy for Avenir LNG,” the CEO explained.

“The Avenir team and the crews onboard our vessels deserve a huge amount of praise for all they have accomplished during these enormously challenging times,” he stated.

Stolt-Nielsen started up the small-scale LNG sector firm Avenir in 2015 and its two main investors, Golar and Höegh, each have 22.5 percent of Avenir.

In addition to its growing small-scale fleet Avenir has an 80 percent stake in the small-scale Higas terminal being commissioned in May.

The terminal is located at the Port of Oristano and includes a jetty capable of receiving LNG vessels up to 20,000 cubic metres, an unloading arm, six horizontal cryogenic holding tanks of 1,500 cubic metres capacity each, two LNG truck-loading bays and a natural gas power generation system.

The Sardinian terminal will be capable of loading around 8,000 LNG trucks each year for subsequent distribution to smaller satellite stations across the island in a classic version of a targeted small-scale LNG project.

Sardinia currently lacks a system of access to natural gas and only a small number of industrial customers receive LNG by truck which is brought to the island by ferry.

Avenir LNG Ltd, a company owned by Norwegian shipping and infrastructure companies, has delivered its first dual-purpose liquefied natural gas bunkering and supply vessel (LBV), the “Avenir Advantage”, to the Future Horizon joint venture comprising Malaysia’s MISC Group and Avenir.

The ship was constructed by Keppel Offshore and Marine at the Nantong Shipyard in China’s eastern Jiangsu province.

“With the delivery of the ‘Avenir Advantage’, Future Horizon is the first dedicated LBV commercial operator in Southeast Asia,” said Avenir

Additionally, Malaysian energy company Petronas has chartered the “Avenir Advantage” from Future Horizon for a period of three years.

“Following her maiden voyage from China, the ‘Avenir Advantage’ has successfully completed the commissioning of the LNG re-loading equipment on the ‘FSU Tenaga Satu’ and the first LNG bunkering of the ‘SIEM Aristotle’ car carrier,” explained Avenir

The “Avenir Advantage” will supply the region’s LNG-fuelled vessels and small-scale LNG projects.

“We are very proud to deliver the first dedicated LNG bunker vessel in Southeast Asia,” said Milorad Doljanin, Chief Executive of Avenir

“With the backing of Petronas’s LNG supply infrastructure, LNG is undeniably a reliable and cost-effective solution to meeting the sulphur cap regulations set by the International Maritime Organization in 2020,” added Doljanin.

“Further to the provision of LNG as a bunker fuel, the delivery of the ‘Avenir Advantage’ means that Petronas now has the infrastructure in place to support the rapid deployment of small-scale supply chains and we are proud to be working with Petronas as envisaged under our previously announced arrangements,” he explained

Avenir LNG is a joint venture owned by London-based Norwegian shipping and storage company Stolt-Nielsen and its peer fleet owners and project companies, Höegh LNG and Golar LNG.

The “Avenir Advantage” is the first of two ships ordered from the Keppel Nantong shipyard.

Each vessel has a cargo capacity of 7,500 cubic metres capacity with two Type-C storage tanks.

Stolt-Nielsen started up small-scale LNG sector firm Avenir in 2015 and its two newer investors, Golar and Höegh, each have 22.5 percent of Avenir to Stolt-Nielsen’s 45 percent.

The experienced shipping partners of Avenir are aiming to build up the market in small-scale LNG supply to off-grid industry for power generation and transportation fuel, as well as providing infrastructure to support the development of LNG as a marine fuel.

Avenir additionally has an 80 percent stake in a small-scale LNG import project company Higas on the Italian island of Sardinia, while the local partners are Gas & Heat and CPL Concordia, each holding 10 percent of the Sardinia venture.

Avenir LNG, the company owned by three Norwegian shipping firms and with six small-scale LNG carriers under construction in Asia, said it was obtaining debt financing to meet the remaining payments on delivery of the vessels.

Norwegian-listed company Stolt-Nielsen started up Avenir in 2015 and its two newer investors are Golar LNG and Höegh LNG, each with 22.5 percent to Stolt-Nielsen’s 45 percent.

“Avenir has signed a term sheet for a facility of up to $108.3 million, which management expects to be closed prior to 30 June 2020,” said a statement in the Avenir annual earnings just published.

“The shareholders have also committed to invest an additional $72M to fulfil the group's capital commitments,” it added.

“Failure of the shareholders to do this, could result in uncertainty over the group's ability to continue as a going concern,” they stated.

Avenir continues to develop its first LNG terminal on the Italian island of Sardinia along with an LNG distribution facility in the port of Oristano.

Avenir reported $1.05 million in revenues last year compared with $491,000 in the previous year from its existing customer in Sardinia.

Losses from continuing operations narrowed to $7.98M versus $10.43M in the previous year.

Avenir has four 7,500 cubic metres capacity LNG vessels and two 20,000 cubic metre capacity carriers on order.

The company reiterated in the annual report that its small-scale carriers were still on track for delivery in 2020 and 2021.

Keppel Marine of Singapore is scheduled to deliver two 7,500 cubic metre LNG vessels by June or July, from its affiliated yards in Nantong, China.

In 2021, Sinopacific Offshore & Engineering will deliver two more 7,500 cubic metres capacity carriers as well as two with 20,000 cubic metres capacity from their yards, also in Nantong.

Each of the ships is designed to perform safe ship-to-ship bunkering.

“The total cost for all ships will be approximately $280M, including site team costs and capitalised interest which are recorded in construction in progress,” said Avenir.

In October 2019, together with Malaysian shipping company, MISC Berhard, Avenir signed a term charter with Malaysia’s national oil and LNG production company Petronas.

The first 7,500 cubic metres capacity carrier will be based in Malaysia, enabling Petronas to provide bunkering to LNG-fueled vessels, plus transport services for small-scale terminals in the region.

Avenir announced another a term charter in November 2019 with Golar Power to deliver LNG using the second 7,500 cubic metres capacity vessel to various ports in Brazil, as well as providing ship-to-ship bunkering. 

Oct 1 (LNG) - Avenir LNG, a small-scale joint venture comprising Norwegian firms Stolt-Nielsen, Hoegh LNG and Golar LNG, said that Malaysian energy company Petronas has chartered Avenir’s first carrier of 7,500 cubic metres capacity. “The vessel will provide bunkering to LNG-fuelled vessels across Malaysia in addition to transport services for small-scale terminals in the region,” said Avenir.

   Avenir received cooperation in the charter from Malaysian shipping line MISC Berhad, the main shipping partner of Petronas. “Avenir and MISC will form a joint venture company to manage the commercial operations of the LNG carrier whereas ship management services will be provided by Eaglestar Shipmanagement, a wholly-owned subsidiary of MISC,” said a statement.