LNG

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.

Oct 6 (LNG) - Stolt-Nielsen, the London-headquartered Norwegian company with interests including terminals, shipping and the Avenir small-scale LNG business, said third-quarter net profits rose to $33.5 million from revenues of $580.9M, an increase on the prior-year quarter’s earnings of $30.36M and revenues of $474.0M.

   “Momentum at Avenir LNG has accelerated with the commissioning of the Sardinia terminal and multiple ship deliveries throughout the second half of 2021, said Niels G. Stolt-Nielsen,company Chief Executive. “The first two vessels are already employed under solid charter arrangements with Petronas (Malaysia) and New Fortress Energy (USA). The third ship, ‘Avenir Aspiration’, now due for delivery, will enter into service to supply our HIGAS terminal in Sardinia, which began commercial operations in August,” added the CEO.

July 1 (LNGJ) - Stolt-Nielsen, the London-headquartered Norwegian company with interests including terminals, shipping and the Avenir small-scale LNG business, said net profits from continuing operations increased to $10.3 million for the first half of 2021 compared with a loss of $7.0M in the same period of 2020. In addition to a growing vessel fleet, the company’s Avenir LNG joint venture has an 80 percent stake in the small-scale Italian terminal located at the port of Oristano on the island of Sardinia.

   The company’s Stolt-Nielsen Gas unit reported an operating profit of $100,000 compared with an operating loss of $2.1M for the six months ended May 31 “This was a result of an improvement in the share of profit (loss) in Avenir as two of their six newbuildings were delivered in late 2020 and early 2021 and are currently on time charter to third parties,” said the Stolt-Nielsen.

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 Ltd, a company owned by Norwegian shipping and infrastructure companies, has taken delivery of its first dual-purpose liquefied natural gas bunkering and supply vessel (LBV), the “Avenir Advantage”.

Avenir LNG, a company owned by Norwegian shipping and infrastructure companies, is making progress on the development of Italy’s first small-scale terminal at the Port of Oristano on the Mediterranean island of Sardinia.

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. 

April 16 (LNGJ) - Stolt-Nielsen Ltd, a terminals and shipping company listed in Norway with small-scale LNG projects under development, reported a first-quarter net loss of $20.0 million, with revenue of $498.8 million, compared with a net profit $5.9M, with revenue of $497.5M in the previous quarter. While operating five business divisions, Stolt-Nielsen is pursuing small-scale LNG projects through the Avenir LNG joint venture.

July 23 (LNGJ) - Stolt-Nielsen, the Norwegian shipping and services company, has launched the first of two 7,500 cubic metres capacity liquefied natural gas carriers ordered from the Keppel Nantong Shipyard in China.

   The ship was designed for Stolt-Nielsen by Marine Engineering Services (MES) of Italy. The Italian firm said in a statement that the China-built vessel was launched during the night of the 20th of July. This following a ceremony in the present of construction stakeholders such as MES, the Keppel Nantong, Stolt-Nielsen and European maritime classification society DNV-GL.

   The ship is expected to start serving small-scale LNG projects, including one on the Italian island of Sardinia, being developed by Stolt-Nielsen through the subsidiary Avenir LNG, a joint venture established with larger Norwegian shipping peers, Golar LNG and Hoegh LNG.