LNG

The BW Group of Singapore with LNG and shipping interests and led by Andreas Sohmen-Pao has shuffled shareholdings by acquiring a bigger stake in BW Energy with a purchase of shares in the energy unit from another affiliate BW Offshore.

Höegh LNG Ltd, the owner and operator of 13 LNG vessels including floating storage and regasification (FSRU) units, said it was focusing ensuring that FSRU projects commence operations as planned for customers in Germany, France and Brazil over the coming months as it posted increased profits.

Flex LNG, the Norwegian shipping company with a fleet of 13 modern vessels and several chartered to the largest US exporter, reported an 18 percent jump in first-quarter net income even amid spot freight market challenges at the end of the three months as the LNG trade abruptly shifted towards Europe from Asia.

March 31 (LNGJ) - Stolt-Nielsen Ltd, the Norwegian company which derives a small part of its income from the Avenir LNG joint venture with partners Höegh LNG and Golar LNG, reported first-quarter 2022 net profits of $52.3 million with revenues of $606.2M compared with a net profit of $35.0M and revenues of $593.M logged in the fourth quarter of 2021.

   The Stolt-Nielsen group operates in an array of businesses including tankers, terminals and gas. “Typically the first quarter of the year is the seasonally weakest quarter. However, this year the first quarter showed no signs of weakness as we posted our strongest quarterly results since 2008,” said Chief Executive Niels G. Stolt-Nielsen. “Stolt Tank Containers led the way with record earnings. Although shipment volumes were down, margins held firm, supported by our ability to secure space on containerships and higher demurrage revenue,” added the CEO.

Avenir LNG, the Norwegian-listed small-scale LNG project developer and vessel owner, has agreed to buy out the shareholdings of its Italian partners in the small-scale LNG terminal at Port of Oristano on the Mediterranean island of Sardinia.

Höegh LNG Holdings, the Norwegian shipping company acquired in a takeover by Norwegian interests and a unit of US investment bank Morgan Stanley and de-listed, said it was seeking a new Chief Executive and President after Sveinung J. S. Støhle said he was stepping down after 15 years in charge.

A Spanish equity fund, which holds a 15 percent stake in Norwegian LNG fleet owner Höegh LNG Holdings, said it planned to vote against the takeover offer led by Morgan Stanley and Höegh family interests at a meeting scheduled for March 30 at Höegh’s registered office in Bermuda.

DNV GL, the European maritime classification society and risk management company with widespread operations in the LNG sector, said its name would change to DNV from March 2021.

Norway’s two largest offshore energy contracting and supply companies, Aker Solutions and Kvaerner, have decided to re-merge into a new super-energy engineering and subsea company for Norway for the 21st century just nine years after they were split up.

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.